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Economics Assignment Rishika Assomull Using demand and supply analysis, explain how resources are allocated through changes in a market economy. We are all aware of the fact that in this world, there are limited or scarce resources. We have infinite wants, but we cannot have it all, so we have to pay an opportunity cost being something sacrificed in order to gain something else. In an economy, those who produce goods (this case being individual organizations) have to know what to produce, how to produce, and for whom to produce to satisfy consumer desires with their resources of land labor and capital. Markets are usually a good way to organize economic activity as individual firms allocate resources through the decentralized decisions of who they interact with each other. All individual firms aim to make profit, but the forces of demand and supply control the profit. Market forces of consumers and...

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