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Article Analysis

Using the other sources of literature, locate an article concerning trends in consumption patterns. Prepare a paper in which you:

a. Define economics
b. Define microeconomics
c. Define the Law of supply
d. Define the Law of demand
e. Identify the factors that lead to a change in supply and a change in demand

Analyze the basis for the trends in consumption patterns as discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.

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Article Analysis

Using the other sources of literature, locate an article concerning trends in consumption patterns. Prepare a paper in which you:

a. Define economics
b. Define microeconomics
c. Define the Law of supply
d. Define the Law of demand
e. Identify the factors that lead to a change in supply and a change in demand

Analyze the basis for the trends in consumption patterns as discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.

The article concerning trends in consumption patterns is "August machine-tool consumption falls 15 percent" by Victoria Kickham, This article has been retrieved on October 16, 2009 from: http://www.inddist.com/article/358044-August_machine_tool_consumption_falls_15_percent.php
This article says that the year to date manufacturers' consumption of machine tools and related equipment id down nearly 70 percent compared to 2008.

Economics has been defined as the study of making choices. Economics is required because the society and persons in the society feel that there is a scarcity of goods, service, materials, and other resources. What economics studies is the manner in which we make our choice of a new car or college tuition. Economics also examines the effects of changes in government policies, practices by firms, and demographics.

Microeconomics is that branch of economics that focuses on the smallest decision making unit or single factors. It investigates production and specialization using economic principles. In particular microeconomics refers to how the consumers and businesses make decisions. In microeconomics there is ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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