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    economics

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    I need help with the following assignment. Please see the link for the article.

    Prepare a 600-word 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.

    http://www.marketwatch.com/story/opec-production-rises-again-in-may

    © BrainMass Inc. brainmass.com October 9, 2019, 11:23 pm ad1c9bdddf
    https://brainmass.com/economics/demand-supply/economics-255084

    Solution Preview

    I need help with the following assignment. Please see the link for the article.

    Prepare a 600-word paper in which you:
    a. Define economics
    Economics is a study of the production and distribution and consumption of goods and services. From another perspective it is the study of production, distribution and consumption of wealth in human society. From an even broader point of view it is the knowledge that is related to how people choose to use resources. This is a sweeping term that is mean to include human resources, land including real estate, and the ability to create useful products and services.
    b. Define microeconomics
    Microeconomics literally means the study of a small part of the economy such as business, industries or households. It is the study of the company and consumer behavior. This is a study that focuses on firms, consumers, and households. From a wider stand point microeconomics is the study of separate parts of the economy, the household and the firm.
    c. Define the Law of supply:
    The law of Supply is that if all other factors remain constant, an increase in supply causes a decrease in price; on the other hand a decrease in supply causes an increase in price. It also means that more quantity will ...

    Solution Summary

    economics is discussed in great detail in this solution.

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