TASK 1

Critically analysed the following micro economics concepts with reference to any retail business of your choice.

1.1 Explain the law of Demand, movement along the same demand curve (with the aid of diagram) and changes in demand curve with its factors (with the aid of diagram).

1.2 Explain the law of Supply, movement along the same supply curve (with the aid of diagram) and changes in supply curve with its factors (with the aid of diagram).

TASK 2

Compare and contrast emerging theories and models in 21st century contemporary economics with those of the 20th century, and relate both of these to modern business practices.

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