Welcome

Anti Essays offers essay examples to help students with their essay writing.

Sign Up

Microeconomics and the Law of Supply and Demand Essay

Open Document

Below is an essay on "Microeconomics and the Law of Supply and Demand" from Anti Essays, your source for research papers, essays, and term paper examples.

Microeconomics and the Law of Supply and Demand
Amin A Wilson
ECO/365
June 24, 2015
Dariush Ershadi

Microeconomics and the Law of Supply and Demand
The purpose of this paper is to review and discuss how the principles of both macroeconomics and microeconomics are pertinent to many aspects of our daily lives in ways that a mass majority of individuals has never stopped to think about. The discussion within is based on a simulation involving rental apartments in Atlantis that are all owned by the same company known as Good life. It is important to anyone individual or company in their growth to know when to know what a good price is, when to spend money, when to save money, and what to do in between, and to do so you must understand the concept of supply and demand and how to utilize the information. Most people understand the basic aspects of this; however, to be effective one must know the importance of how both macro and microeconomics are to our ways of living. Further at it relates to the simulation, discussions in this paper will consist of identifying both a supply and demand curve and explain what happens when a shift takes place as well as their different areas of impact. Lastly, I will discuss price elasticity and how a people spend their money.
Here is a quick review of two important terms and definitions. Pursuant to Colander (2013), "Macroeconomics is the study of the economy as a while" and "Microeconomics is the study of how individual choices are influenced by economic forces".
The simulation provides information showing that although Atlantis is a small city, its infrastructure continues to grow; thus creating an enticing location to live. This is a principle of macroeconomic as it focuses on the whole economy. The simulation also shows that this high rising city has a low crime rate, reduced traffic, and little pollution; again focusing on the city as a whole. When discussing whether or not it is favorable to rent, one may look at the...

Show More


Citations

MLA Citation

"Microeconomics and the Law of Supply and Demand". Anti Essays. 16 Dec. 2018

<http://parimatch-stavka7.com/free-essays/Microeconomics-And-The-Law-Of-Supply-759584.html>

APA Citation

Microeconomics and the Law of Supply and Demand. Anti Essays. Retrieved December 16, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Microeconomics-And-The-Law-Of-Supply-759584.html


Thriller | Warcraft Dubbed Hindi | Humphrey Bogart