Answer:
Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.
These changes in strategy are indicative of internal forces of change. Internal forces of change in business refer to events, people and systems inside a company that aid or prevent it from fulfilling short term as well as long term goals.
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Answer:
1. Firms are operating in the short run - relatively inelastic
2. Firms would have a hard time storing their goods - relatively inelastic
3. Firms have a large amount of excess capacity - relatively elastic
4. Firms can easily relocate from one location to another - relatively elastic.
Explanation:
The price elasticity of supply is less in the short run than in the long run. In the short run supplier does not have enough time to adjust the production level so supply is inelastic. The firms facing hard to store their goods then the supply is inelastic. If the firm has spare capacity available then the supply is relatively elastic because supplier can produce more if the demand is greater. The mobility factor also effects elasticity, if firm can easily relocate itself then the supply is elastic.
