Highlight three reasons why project planning is carried out. Distinguish between demand and supply. Supply. Highlight four characteristics of a sound motivational system. Explain four types of power that a leader can use in an organization. Discuss four functions of money. Describe three types of project evaluation.

Economics
Highlight three reasons why project planning is carried out. Distinguish between demand and supply. Supply. Highlight four characteristics of a sound motivational system. Explain four types of power that a leader can use in an organization. Discuss four functions of money. Describe three types of project evaluation.

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Four characteristics of demand and supply listed above

Four Characteristics of Demand:

  1. Price of the good: Quantity demanded varies inversely with its own price (law of demand).

  2. Income of consumers: Higher income increases demand for normal goods, decreases for inferior goods.

  3. Prices of related goods: Increase in price of substitutes increases demand, complements decreases it.

  4. Tastes and preferences: Favorable tastes increase demand.

Four Characteristics of Supply:

  1. Price of the good: Quantity supplied varies directly with price (law of supply).

  2. Prices of inputs: Higher input costs decrease supply.

  3. Technology: Better technology increases supply.

  4. Number of sellers: More sellers increase supply.

Four characteristics of demand and supply listed above

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Quick Answer
  1. Four Characteristics of Demand: 1.
  2. Price of the good: Quantity demanded varies inversely with its own price (law of demand).
  3. Income of consumers: Higher income increases demand for normal goods, decreases for inferior goods.
  4. Prices of related goods: Increase in price of substitutes increases demand, complements decreases it.
Highlight three reasons why project planning is carried out. Distinguish between demand and supply. Supply. Highlight four characteristics of a sound motivational system. Explain four types of power that a leader can use in an organization. Discuss four functions of money. Describe three types of project evaluation.
Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

ScanSolve AI Answer
Four Characteristics of Demand: 1. Price of the good: Quantity demanded varies inversely with its own price (law of demand). 2. Income of consumers: Higher income increases demand for normal goods, decreases for inferior goods. 3. Prices of related goods: Increase in price of substitutes increases demand, complements decreases it. 4. Tastes and preferences: Favorable tastes increase demand. Four Characteristics of Supply: 1. Price of the good: Quantity supplied varies directly with price (law of supply). 2. Prices of inputs: Higher input costs decrease supply. 3. Technology: Better technology increases supply. 4. Number of sellers: More sellers increase supply. Four characteristics of demand and supply listed above