Demand, supply, and equilibrium Term Paper Example | Topics and Well Written Essays - 1750 words

Demand, supply, and equilibrium - Term Paper Example The amount of a product that people in a market are willing to buy is known as the demanded quantity. The existing relationship between quantity demanded and price is known as the demand relationship. The factor of supply indicates the quantity of a product or a service that can be offered by the market. The quantity supplied is the amount of any good or service that the producers are able to supply in return of a certain price. The factor of price is a reflection of the demand and supply in the market. The supply and demand relationship underlines the key decisions regarding the allocation of resources in a market. In the theories of market economy, the demand and supply theory is used to allocate the available resources in the best possible manner. The demand for a product is the representation of how much the buyers are willing to buy at different prices. Thus, demand can be defined as the existing relationship between quantity and prices while maintaining all other relevant factors as constant. The law of demand states that the higher the price of the goods, lesser would be the demand for the goods, if the other relevant factors are kept constant (Gomes, King and Stonecash 215). This means that a higher price would incur a lower demand. According to the law of demand, the factors of quantity demanded and price are inversely proportional. Therefore, a lower price would mean a higher quantity demanded. The market demand represents the total of the demands of all the individual buyers in a market. Since at a higher price, both the price and the opportunity cost of the purchase of the goods and services increase, therefore the amount purchased by buyers at high prices is lesser. People generally try to avoid buying any product o r service that will make them forgo the purchase and consumption of a product more important to them. Thus, a high opportunity cost often leads to a decrease in

Quotation Essay Example | Topics and Well Written Essays - 750 words - 1

Quotation - Essay Example Actions, which might threaten or lead to loss of life contradict the right, and thus need condemnation (Freeman 5). All constitutions of the world recognize and respect the right to life and that any person who attempts or violates it faces stiff penalty. For instance, when a person kills another person, he faces life sentence for violating the right of the deceased to live. This is evident in several countries such as in the Middle East whereby tyrants who had been accused of mass murder of human beings got punished. Former Iraq president, Saddam Hussein was hanged for killing many people during his reign (Freeman 5). Therefore, since nobody provided right to life to a fellow being, he or she has no right of taking such right from another being by killing or threatening. However, there are some instances when such right is denied or when a person accused of killing a fellow human being is pardoned (Freeman 9). Such situation arises when the accused was trying to defend himself or he rself from murder by the deceased. This normally happen when in times of conflict such as war or when a person turns wild and desires to kill. Moreover, when a person kills the other, and thus turns to be a security threat to public, police officers kill him (Freeman 9). A good instance occurs during mass shootings which have characterized the U.S.A. and which have left many people grieving from loss of loved ones. A recent incident was the US school shooting in Brooklyn, Newtown. Consequently, all constitutions on earth recognize and respect the right to liberty of all human beings. People have a right to be free from all forms of bondage and slavery. Capturing or enslaving a fellow human being is currently an international offence condemned by all nations (Freeman 11). Unlike in the past when people were taken as slaves due to debt or as war captives, all constitutions of the world prohibit the act and even imposes heavy penalty on the offenders. Since God created human beings whe n they were not under the rule or authority of anybody, no person should be denied such right. Right to liberty ensures that people move around the earth doing as they wish with their freedom so long as they respect and accord the same to other people (Freeman 14). Therefore, people who capture their fellow human beings contradict the right to liberty. Such acts include those witnessed by illegal groups such as militants or pirates who capture sailors and keep or otherwise kill them. A good example is the capturing of sailors in Indian Ocean by Somali pirates who demand huge ransom in order to release the captives. This action is bad and illegal since it contravenes the captives’ right to move (Freeman 14). However, the right to liberty is restricted in some instances. Such instances include when a person commits a criminal offence, and thus convicted and sentenced to imprisonment. While serving a prison term, a person is denied the right to be free (Freeman 14). This is a fo rm of punishment directed at the prisoner in order to compel him to change from criminal activities. Human beings also have a right to lead a happy life on earth. Such freedom is God – given and thus, nobody should be denied (Freeman 27). God created human beings to be happy creatures and thus, should thank him for such right by worshiping him. Therefore, actions, which inhibit man from pursuing happiness on earth go against the right and thus, need condemnation. Thus, human beings have a