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    I want to perpare a paper with 1,050-1,400-word paper in which I want to discuss the following:Using APA and at least 3 references THANK YOU SO MUCH!

    Define Economics
    Define Microeconomics
    Define Law of Supply
    Define Law of Demand
    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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    The response address the queries posted in 1690 words with references.

    // In this assignment, we will try to understand the 'Basic Concepts of Economics' that would then, help us understand the basis for trends in the consumer patterns. It is a very significant driving force for businesses and we need to understand the concept first. We will discuss the definition of Economics, Microeconomics, Laws of Demand and Supply: //


    Economics, as the dictionary meaning says, is a branch of knowledge that deals with the human activities relating to wealth. There have been different views of theorists about the explanation of economics, the key Economists being Adam Smith, David Ricardo, John Stuart Mill, Karl Marx and John M. Keynes. Combining all the views and perspectives, 'Economics' can be defined as the study of how society allocates scarce resources and goods. It is easy to understand that human and property resources are limited, so it is natural that goods and services produced must also be limited. In other words, it can be considered as the branch of social science that deals with the production, distribution and consumption of goods and services, but the idea remains the same. Economists proceed by constructing the economic models; most of them have three elements: cost, scarcity and marginal analysis.

    Economics holds its value because of the wide range of its application and utility. Most of the political problems that exist today have some economic aspect. It helps in taking decisions regarding the income distribution, profit sharing, eradication of poverty and unemployment (Duffy, 1993). It is essential for the organizations to do better business and consumers can use it to their own advantage, to make better buying and financial decisions.

    // We have discussed so far, the definition of Economics and its application, we will further discuss the terms that are used in the study of Economics and then, go on to see the definition of Microeconomics: //

    Now, we need to understand that market system is one means by which, society allocates scarce resources and goods. Market is an arrangement, where people are allowed to trade with each other. The study of the market system consists of two parts that are microeconomics and macroeconomics.


    The term "micro" means small and this highlights the fact that microeconomics is about the study of the market system on a small scale. It deals with the study of individual markets that make up the market system and concerns with the decisions and interactions made by the small economic units such as individual firms, individual consumers and individual government agencies in the market (Lipsey & Chrystal, 2007). It ...

    Solution Summary

    The response address the queries posted in 1690 words with references.