Elucidate the law of demand

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Reference no: EM1365105

How does self-interest help achieve society's economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers?

Elucidate the law of demand. Why does a demand curve slope downward? How is a market demand curve derived from individual demand curves.

What is the opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.

Reference no: EM1365105

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