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Economic Conceptsmmpbl501Uofphoenix

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Submitted By Polak
Words 2775
Pages 12
Lanette Polak

University of Phoenix

MMPL 501/ Forces Influencing the 21st Century

Mr. Frank Kingsland

May 21, 2011

|Concept |Personal Example |Reference to Concept in Reading |
| | | |
|Microeconomics |In the natural gas market, gas is in supply all year round. |Microeconomics is a measure of |
|The branch of economics that analyzes the |Natural gas to heat people’s homes is in increases in demand |specific economic units, which are an |
|market behavior of individual consumers and|in the winter time. The supply could eventually run low |individual industry, firm, or |
|firms in an attempt to understand the |depending upon where Shell gets its gas from. Natural gas is |household. |
|decision-making process of firms and |in less demand in the summer time. There is no control over if| |
|households. It is concerned with the |the price of a therm may go up anytime with People’s Gas. I |We measure |
|interaction between individual buyers and |worked for Just Energy for one week last year in June and quit|The price of a specific product, the |
|sellers and the factors that influence the |because they wanted to charge customers’ .79 per therm and |number of workers employed by a single|
|choices made by buyers and sellers. In |lock customers’ in a five year contract when it costs less to |firm, the revenue or income of a |
|particular, microeconomics focuses on |remain on a flexible plan with People’s Gas. The electricity |particular firm or

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