Article Analysis
Essay title: Article Analysis
In todays society, the rush of supply and demand runs the ever-living world that many people call home. It runs so well that many have found ways to use this tool and create a mountain of riches that most will never see. To understand this mountain and incorporate a successful plan, society needs to understand how this mountain was built. It begins with a covering known as economics that leads to a multitude root system known as microeconomics only to be fed by the morsels of supply and demand. Though what seems simple in building this mountain, many factors exist waiting for their chance to cause destruction. However, to understand our quest to the top, consumers must understand the clues that are defined as economics, microeconomics, Law of supply and the Law of demand. Dictionary.com states that economics is ” The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems. According to Dictionary.com microeconomics is ” The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. Buyers and sellers concern it with the interaction between individual buyers and sellers and the factors that influence the choices made. In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee industry). Investopedia states that “Law of Supply is a microeconomic law stating that all other factors being equal, as the price of a good or service increases, the quantity of goods or services offered by suppliers increases, and vice versa. As the price of good increases, suppliers will attempt to maximize profits by increasing the quantity of the product sold.
According to the definition given by Investopedia, Law of Demand is a microeconomic law that states that all other factors being equal, as the price of a good or service increases, consumer demand for the good or service decreases, and vice versa.
In the network of the ever-growing Internet, a wild fire of new opportunities has developed in our society. The commodity in demand is knowledge with a flare of truthfulness but before the jump on this bandwagon is made, an understanding of the economic background will invite the taste buds or leave one in a cloud of illiteracy. Our demand for knowledge is the fuel needed to supply the power of higher education. Therefore, in the definition of economics, the Internet falls into a business whirlwind that touches all the realms of supply and demand that focuses attention to the micro side of the economic puzzle. Separating the pieces of this high demanding puzzle turns to understanding how this complicated information highway became an explosive tool. The art of economics allows us insight to see how this highway functions with it many turns and drive for truth. Looking back to when the Internet all started to where it is today, this article gives us the pieces needed to build this puzzle.
The Internet has had a big demand for goods and services because it offers patrons a bigger selection of goods and services without having to leave their home. The Internet has allowed consumers to comparison shop for many different items such as hotels, vehicles, clothes and the list goes on. With consumers being able to comparison shop it makes it more difficult for the sellers of the items. The internet has opened up a whole new world for people who are not able to get out and