University of Phoenix
Principles of Microeconomics
ECO/365
Professor James Harris III
Aug 7, 2008
Article Analysis The article that will be used for this analysis is “Supply, demand, and the Internet-economic lessons for microeconomic principles courses” by Fred Englander and Ronald L. Moy. There will be definitions for the following economics, microeconomics, Law of supply and the Law of demand. Another subject that will be discussed is the identification of factors that lead to the changes in supply and demand. In order to better understand what is being discussed going to start with the definitions.
Define Economics “Economics is the branch of social science that studies the production, distribution, and consumption of
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Here is a great example of how the internet has helped in price and product comparison: “a consumer buying a car may not be informed fully about the safety features of various models or may not have adequate information to evaluate the importance or usefulness of various options (e.g., antilock brakes, four-wheel drive, side cross beams to reduce the damage from a side collision). The information asymmetry about those models or features is common and may allow an "aggressive" sales person to exploit the buyer's ignorance” (Englander & Moy, 2003).
Another major utility of the internet is the ability to keep people connected. The internet allows friends and family to pay a low monthly price for e-mail, instant message and the ability to speak through a person’s computer. People can actually dial out to another computer and hold a conversation just as if they were on the phone.
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 There is not a market, industry, good or service that has not been affected by the internet. Pertaining to demand the internet has changed demand in many ways, mainly due to making a lot of information available to the consumer that did not use to be. The internet offers more selections and more information on the products so the
2)The internet is when we connect computers together from anywhere over the world through routers and servers. Three popular uses for the internet are communication,research and education.
The internet has affected just about every industry in the world and has also had a huge impact on the automobile industry. The buyers referred to the internet before making their purchases and went to the auto websites before going
There many variety of topics out there to talk or write about. Instead of waiting for the news to come on the television, everyone checks the forecast online now. The forecast online updates regularly and lets other know what to expect when they leave their house. People don’t just use the internet to check the weather but they also shop online. When the store does not have what they are looking for, they search it online for a better price and the online site has more option to choose from. The Internet is also used for socializing with others that does not live close by. Everyone uses the Internet to communicate and meet new people. It is also a great way to keep in touch with those who loves to travel or lives in other countries.
The internet makes people to be more dependency. It makes people to observe more information, and to be tended to find information. People relay more in finding information in the internet today. Furthermore, people are physically involved as they try to think and find information from the internet. The internet may have small effect on people, but still it helps people.
Management in healthcare institutions obtains presentations that pertain to workers’ injuries and illness costs. The figures acquire adequate support from the management provided that the data cites credible and the right references. However, researchers lack adequate hard data and research backing to defend direct and indirect cost ratios that they frequently utilize in relation to the safety-related literature.
David Colander defines economics as "the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society” (Colander, 2010, p. 4). Coordination in this definition refers to production content, method, recipients, and even quantity. To think like an economist one must analyze every situation by comparing the costs and benefits and make any decisions based on those findings (Colander, 2010). The study of microeconomics zeroes in on the individual and analyzes how economic forces affect the choices he or she makes.
This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events.
I believe the internet has created a more competitive market. This competitive market has many buyers and sellers. There are many standardized to individualized products in this market. There are really no real barriers to market entry or exit. The Internet has become a platform that has completely changed the way a company can do business. The internet has allowed small business to become multinational operators because of the market chosen. Price and product quality decision can be made using this market because research
In business it is essential for owners to consider important factors when mapping out their business objectives. Economics used as a tool to solve coordination problems. They include what and how much product to produce, how to produce their product, and for whom they are producing. In order to effectively answer these questions, economics is used. Colander (2006) describes economics as “the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society” (p. 4). The foundation of economics is based on several factors that assist in understanding an economy.
It is one of the biggest contributors in making the world into a global village. Use of internet has grown tremendously since it was introduced. It is mostly because of its flexibility. Nowadays one can access the internet easily. Most people have computers in their homes but even the ones who don't they can always go to cyber cafes where this service is provided.
The internet has become a part of every day life, in fact for many it is their life. You can meet other people, play games, do research, communicate with loved ones half way across the country, and now you can even shop and bank online.
The internet is the easier way for people to communicate with each other. It has made the world smaller by bringing people together everywhere and any time. This invention has important tools for people to contact and it has changed their way of communication in today busy world. In fact people are becoming totally dependent on the internet as a way of communication in their daily life, business and work. The limitation of old communication tools has made the use of internet for communication is wider all over the world .
This assessment will be an analysis of graphed data and changes in supply and demand for three economic problems. Problem A involves production possibilities for consumer and capital goods, problem B is an evaluation of changes in supply and demand equilibrium, and finally, problem C involves pricing with relevance to supply and demand. Successful completion of this assessment demonstrates proficiency in; applying theories, models, and practices of economic theory, analyzing solutions with support from relevant data, resources, references, and economic principles, analyzing graphed and circular
The Internet has changed and will continue to change how people shop and new competition through the Internet will continue to shape the market.
You can create new social contacts all over the world, which you could not do so easy without the internet.