Essay About Understanding Microeconomic Principles And Good Life

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Introduction
The supply and demand are concepts that relate to economics and with the economy and they
Surely wouldnt survive without them. Services and a products quantity is what the demand is,
While the supply is what the market offers. This stimulation allows you to understand
Microeconomics and macroeconomics principals and concepts are. It is also easy to identify a
Shifts with supply and the demand curve. Understanding the microeconomics concepts helps
Understand all of the factors of shifts in supply and demand concerning all the quantities and
The prices. Upon reading the stimulation, the goal is to understand supply and demand and
Answer all questions asked.
In the city Atlantis, the demand and supply had a down slope curve which showed the quantity
Increased while the price decreased. Good life Rental Company has the ability to increase quantity
By demand by lessening the rent price. There are some of the renters in Atlantis that live in
A home where they were the owners and had no interest in paying rent. In some cases consumers
Change with demand when they reside in a town that asks for homes that are larger so rental
Companies increase the supply on those types of rentals.
There are many factors that increase or decrease a price, as well as change in supply and
Demand. In this paper I will share the assignments objectives. The first thing I learned about
Good life is that it is a company who manages seven rental properties in a city called Atlantis.
Over many years the demand has been watched closely with the prices of the rentals.
Economics is defined as “study of how human beings coordinate their wants and desires, given
The decision making mechanisms, social customs, and political realities of society” (Colander,
2010). with economics there are three points to focus on and they are: what and the cost to
Produce is how it can be produced, and who it should be produced for. Microeconomics is
All about the study of the economy as a whole (Colander, 2010).
When understanding microeconomic principles, I think of scarcity with this stimulation. When
There is a service or a product that is scarce it leads the supplier to raise the price. In this
Stimulation more and more employees were moving into Atlantis, and because of this Good life
Then raised the prices on the rentals. A consumer was given the option to rent the rental at the
Price that was given or they would have to go into another town