In this dilemma, I must decide whether to honor the requirements contract with Marshall Peterson, a mutual friend and a business partner or sign an output contract with a Texas company and potentially double my business profits. Until now, Marshall and I have seemingly enjoyed a profitable business relationship that has always been based on mutual benefit and trust. Although, Marshall often tests the trust in our business relationship by not honoring the terms of the invoices. Marshall and I had an implied contract until he convinced my minor son, at the time, to sign a requirements contract. An implied contract is a contract that arises not from the words of an agreement, but from the conduct of the parties (Kubasek et al., 2016). Prior to …show more content…
(2003). Economics basics: Supply and demand. In . Retrieved from http://www.investopedia.com/university/economics/economics3.asp Kirzner, I. M. (2000, January 1). The law of supply and demand | Israel M. Kirzner. Retrieved March 3, 2017, from https://fee.org/articles/the-law-of-supply-and-demand/In-line Kubasek, N. K., Browne, M. N., Barkacs, L., Herron, D., & Dhooge, L. (2016). Biblical worldview edition of dynamic business law. N. J. Kippenhan (Ed.). New York, NY: McGraw Hill Education. Resources, S., textbooks, & Demand, M. (1999-2012). Supply and demand, markets and prices. Retrieved March 2, 2017, from http://www.econlib.org/library/Topics/College/supplyanddemand.html Staff, L. (2012, November 20). § 2-201. Formal requirements; Statute of frauds. Retrieved March 5, 2017, from https://www.law.cornell.edu/ucc/2/2-201 STEP AWAY FROM THE PEN: WHO CAN BIND A COMPANY TO A CONTRACT? | the B&B docket Blog. (2012, August 20). Retrieved March 4, 2017, from Uncategorized, http://bennettandbelfort.com/blog/step-away-from-the-pen-who-can-bind-a-company-to-a-contract/ THE UNIVERSITY OF ALABAMA HUMAN RESEARCH PROTECTION PROGRAM. Retrieved March 4, 2017, from AAHRPP Document # 40,
Alexander Hill, Just Business Christian Ethics for the Marketplace. Downers Grove, Ill: IVP Academic, 2008. Paperback. $14.95Jessica Burt
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If you squeezed every college class into just a five-minute summary, you would probably sum up Econ 101 as “supply and demand.” This is because supply and demand are two of the most fundamental ideas in all of economics. Supply is a term that shows how much a market can provide. The quantity supplied is a term that means the amount of a good producers will make at a certain price. The quantity demanded is the amount that people want to buy of a product at a certain price. Price changes based on the supply and the demand.
Week two we had to discuss how the equilibration process is identified in the supply or demand. Business managers need to understand how market equilibrium is sought to follow changes between economic principles, specifically supply, market, and on how business can determine in everyday decisions. This paper is sought to analyze with support ideas that are consider towards the law of demand, and the law of supply it will acknowledge the efficient market theory in which it will explain surplus and shortage.
Economic events are largely governed by the interaction of supply and demand. The law of supply states that with ‘all else being equal’ (ceteris paribus), as market price of a good or service increases/decreases so will an increase/decrease in quantity supplied. In turn, the law of demand states as market price of a good or service increases/decreases ceteris paribus, the quantity demanded will increase/decrease accordingly. The Australian avocado industry is an indicative example of microeconomics - the study of individual consumer or business decision making and spending behaviour in relation to the allocation of a limited resource and the correlation of supply and demand in determining
Smith, V. L., & Kiesling, L. (2003). Demand, not supply. Wall Street Journal, 20, 13. Retrieved from
Scott Peterson was an educated man from California Polytechnic State University where he graduated with a B.A. in Agricultural Business. He was married to his wife Laci Peterson who was also pregnant with their unborn son. In December of 2002 Laci Peterson went missing in the Modesto, California area where she shared a home with Scott. Once the investigation of Scott’s missing wife started authorities began to suspect Scott as a suspect in her disappearance. In April of 2003 a fetus and a female torso that was missing hands, feet, and a head were found on the shoreline of San Francisco Bay. The San Francisco Bay area was where Scott was boating the day of Laci’s disappearance. The body was later identified as Laci Peterson and the fetus as Laci and Scott’s unborn son. Scott was also arrested in the month of April shortly after the discovery of Laci and their son’s body and was later sentenced to the death penalty. Over the course of this paper I will cover the whole event of the disappearance of Laci Peterson, relating it to a sociological theory, the impact the event had on our society and how the media had influence over this national event.
...s - Fact Sheet." Centers for Disease Control and Prevention. Centers for Disease Control and Prevention, 22 Feb. 2011. Web. 08 Apr. 2014.
Hanson, J. R. (n.d.). Fraud or confusion? RDH Magazine, 19(4). Retrieved 3 15, 2014, from http://www.rdhmag.com/articles/print/volume-19/issue-4/feature/fraud-or-confusion.html
In the graph, it shows the law of demand; as the price increase there is a decrease in the quan...
Amacher, R., & Pate, J. (2013). Microeconomics principles and policies. San Diego, CA: Bridgepoint Education, Inc.
When it comes to the world of economics, there are always the same old topics: supply
The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy. Supply is represented by how much the market can offer. The quantity supplied refers to the amount of a certain good that producers are willing to supply for a certain demand price. What determines this interconnection is how much of a good or service is supplied to the market or otherwise known as the supply relationship or supply schedule which is graphically represented by the supply curve. In demand the schedule is depicted graphically as the demand curve which represents the amount of goods that buyers are willing and able to purchase at various prices, assuming all other non-price factors remain the same. The demand curve is almost always represented as downwards-sloping, meaning that as price decreases, consumers will buy more of the good. Just as the supply curves reflect marginal cost curves, demand curves can be described as marginal utility curves. The main determinants of individual demand are the price of the good, level of income, personal tastes, the population, government policies, the price of substitute goods, and the price of complementary goods.
Tragakes, E. (2012). Economics for the IB diploma (2nd ed.). Cambridge, UK: Cambridge University Press.