Article Analysis Trends In Consumption Patterns

Article Analysis Trends In Consumption Patterns - Trends in...

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Trends in Consumption Patterns 1 Article Analysis / Trends in Consumption Patterns Christine Thompson University of Phoenix ECO365
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Trends in Consumption Patterns 2 In this paper we will point out and define the concepts of economics in order to recognize the foundations for trends in consumption patterns. Also in this paper, we will be discussing microeconomics, the law of supply and demand, and the factors that lead to change in supply and demand with an article demonstrating the how even the slightest change can affect consumption trends and patterns. Economics Economics is the science that studies the production, allocation, and consumption of goods and services. Studying how resources can best be dispersed in order to meet the wants and needs of the greatest amount of people. People will exhaust their limited resources in order to fulfill their unlimited wants while enhancing their overall welfare and helping in the development of economy. The importance of economics is widespread since it is used in all facets of life. Political issues across the world are based on economic aspects especially when making decisions that involve profit sharing, income allocation, and minimizing unemployment and poverty rates. Businesses use economics to drive prices and consumers use economics when deciding on purchases or investments. Microeconomics Economics can be subdivided into categories, the main two being microeconomics and macroeconomics which are interrelated since the decisions that are made in microeconomics are accountable for those developments in macroeconomics. Microeconomics is the study of individual choice and how that choice is influenced by economic forces or better known as the invisible hand. Decisions based on microeconomics are motivated by a cost benefit analysis for
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Trends in Consumption Patterns 3 both individuals and businesses. Those costs can be that of financial costs which include such matters as average fixed costs or the total variable costs. Variable costs consist of opportunity costs which are those costs in which are to be considered alternatives foregone.
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