The Father of Economics, Term Paper Example

The field of economics is extremely broad. One of the major applications and definitions stated by Adam Smith, the Father of Economics is how to earn the money and how to consume it. According to the principal law of economics, the quantity and supply graphs are parallel to each other, and a small impact over any of the things will have a particular influence over the other factor as well. One of the primary laws comes under demand, and supply concepts are of Alternative and Compliment Products. This particular part of the assignment requires analyzing the purchasing order and its impact over Burger and Pine. There was no disclaimer of any consequential damages contained in the Purchasing Order agreement between Burger and Pine because both of these products are totally different than each other.  They neither are an alternative to each other, nor are they complement to each other. Therefore, it can be said that no relationship exists between Burger and Pine.

The level of disclaimer will not affect on the purchasing of either product because the criteria of utilization of both of these products are different. It simply means that the there would be no impact on the demand and supply aspect of Burger and Pine. However, the demand and supply factor will affect the pricing of both of these products individually.