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Economic Trends In Consumption Patterns Essay

1787 words - 7 pages

Today, the world of business is predisposed to the delicacy of the consumer impulse. A business, which craves the position as a top runner or key dynamic in its trade, must be able to foresee the trends in consumer consumption patterns. Many companies spend several million dollars every year in studies and research to generate or verify trends among present consumers of the company. The research and studies also aid in anticipating future customers along with his or her needs and wants. In order for a company to be on its way to becoming a leader, those involved must first be familiar with the basics of economics. This paper will first cover the definitions of Economics, Microeconomics and the Laws of Supply and Demand. Secondly, this paper will attempt to identify the factors that lead to a change in supply and a change in demand.Lastly, this paper will focus on a particular article and attempt to analyze the basis for the trends in consumption patterns developed due to its goods or services.There are several variations of the definition for Economics. According to the author of the required text for ECON 365 taught through facilitators at the University of Phoenix, Economics, 5e:Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. One of the key words in the definition of the term "economics" is coordination. Coordination can mean many things. In the study of economics, coordination refers to how the three central problems facing any economy are solved. These central problems are: 1. What, and how much, to produce. 2. How to produce it. 3. For whom to produce it.In other words, economics is , anticipating, analyzing and interpreting how people react. The study of economics is separated into two subsections: Micro- and Macro-economics.Microeconomics looks at the way a particular business might take full advantage of its manufacturing and competence. This way it might possibly reduce costs and better compete in its industry. The author of Economics, 5e states:Microeconomic theory considers economic reasoning from the viewpoint of individuals and firms and builds up from there to an analysis of the whole economy. I define microeconomics as the study of individual choice, and how that choice is influenced by economic forces. Microeconomics studies such things as the pricing policies of firms, households' decisions on what to buy, and how markets allocate resources among alternative ends (Colander, 2004).One might derive from the above definition that the study of microeconomics is that of the connection linking the customer and the merchant or broker based on market fluctuations.The same author also maintains "The law of supply states: Quantity supplied rises as price rises, other things constant. Or alternatively: Quantity supplied falls as price falls, other things constant" (Colander, 2004). The foundation of the law of supply...

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