Using the Internet, and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050-1,400-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.
This solution discusses the concept of economics, microeconomics, the laws of supply and demand as well as factors that change supply and demand. This solution then analyzes the article "As US Shoppers Retreat, Can World Thrive?" This solution is 1000 words.