Surplus or a shortage of a good or service
1)What role does economics play in our personal decisions? What role does economics play in the organizational decisions?
2)How does the availability of substitutes affect purchasing decisions?
3)How does a surplus or a shortage of a good or service affect the market price? How does global economic competition impact the duration of surplus/shortage condition and price elasticity in the domestic market?
Please explain and respond in your own words. Thank you in advance.