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Artticle Analysis Paper

1172 words - 5 pages

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Article Analysis PaperRunning head: ARTICLE ANALYSIS PAPERArticle Analysis PaperSidney JonesUniversity of PhoenixECO Principles of MicroeconomicsInstructor: Dr. Christina SeslerNovember 30, 2009In the world of Microeconomics, key terms like economics, law of supply , as well law of demand will be used to analysis a thorough understanding of what the terms are , along with discussing the principles of microeconomics with accuracies and efficiently. This paper will describe articles by the writers who wrote, "Supply and Demand" and "Economics" to help readers comprehend the difference between economics, and microeconomics, along with the meaning of supply and demand.According to a writer, Colander, defines economics as "the study of the production, distribution, and consumption of goods and services." (Colander, 2008) Economics studies behavior in connection between the ends and means which may have other usages. These coordination examinations are straightforward on paper, however, are more complicated since they are being inquired of along with respond to every individual as well each entity in the world. The problem results in the justification that due to peoples' wants and desires are never-ending, although they are limited in what is available to them. This understanding results in the difficulties that all economics encounter with the problem of scarcity. According to Colander, "the goods available are too few to satisfy individuals' desires." (Colander, 2008) It is currently possible to regulate the needs as well wants of every persons in the world through the assistance of technology and technological advances for instance, the Internet, however, due to political strains, economics is divided in its studies.According to an article, "The field of economics is divided into basic areas of study: macroeconomics and microeconomics." (Microeconomics, 2008) Macroeconomics is the study of whole economics from the beginning to the conclusion, through extra interest generally paid to large-scale observable occurrence, such as the money supply, unemployment, inflation, along with the economic growth of nations. For example, if a question was asked about the effect of the American economy having increasing quantities of money in circulation, which could be discuss in a college class on macroeconomics.Microeconomics as defined by an article is "attempts to discover the way that each portion of the economy works; therefore it focuses on the decisions of single individuals, business firms, industries, and levels of government." (Microeconomics, 2008) The questions that could be geared in this field of study could be "How high can gas prices go before Americans just stop buying large vehicles?"The Law of Supply might be explained like "the relationship between the prices of a good or service and the quantity producers are willing and able to make available for sale in a given period of time, holding other things constant." (Conant, 2006) The...

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