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Leadership and Power Paper

In: Business and Management

Submitted By shalekam
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Economics

Shaleka McClelland

ECO/365

May 27, 2013
Tarron Khemraj

Economics

“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. (University of Phoenix, 2008, para.2 ).” In other words, economics is about making choices. It is not just about money and economizing, it is about weighing different choices or alternatives. Most choices involve money but most do not. Economics plays a role in peoples personal and organizational decisions every day. Important choices are how much time to devote to work, to school, and to leisure, how many dollars to spend and how many to save, how to combine resources to produce goods and services and how to vote and shape the level of taxes and the role of government. Economics also addresses the collective behavior of businesses, industries governments and countries. Economics is divided into microeconomics and macroeconomics. Microeconomics analyzes the market behavior of individual consumers and firms to try and understand the decision-making process of firms and households. It is focused on the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. Macroeconomics study the economy as a whole and is concerned with problems of inflation, business cycles, unemployment, and growth.
Law of Supply and Demand Microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets. The law of supply states that as the price of a good or service increases, the quantity of goods or services offered increases and vice versa, all other factors being equal. As the price of a good increase, suppliers will attempt to maximize profits by increasing the quantity of the product sold. The

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