Economics and Ethical issues: Analyze the situations below, complete the actions, and prepare a no less than 3 and no more than 4 page double-spaced of content (title page and reference page will make it a total of 5 to 6 pages) report with your conclusions: You are responsible in completing both scenarios below (total pages will be no less than 5 and no more than 6).
Given the business situation of Mrs. Acres Homemade Pies (p. 30) and using the economic concepts of supply and demand, explain 1) Discuss what you think will happen to the supply, demand and price of the product in the short-term; 2) Discuss what you think will happen to supply, demand and price of the product in the long-term. 3) Explain why you think supply, demand, or equilibrium price will be different, if at all, in the short-term and the long-term.
Select one of the following businesses
: Soft Drink or Laundry Detergent. Assume the business operates in market where the nature of competition is described as “monopolistic competition”. 1) Identify the factors of production (economic resources including natural, human and financial resources
), and for each factor of production give an example of what might be needed to operate that business; 2) And explain how that factor could be used to give the business a competitive advantage.
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