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Essay / Research Paper Abstract
A 5 page paper that defines economics and explains the law of supply and the law of demand. The paper also explains what factors affect supply and demand. The paper also reports information about a change in consumption patterns, specifically, the demographic change in the over 50 population. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: ME12_PGecnt9.rtf
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Unformatted sample text from the term paper:
on sectors in the economy, like companies (Financial & Investment Dictionary. 2009). Luft (2009) said that economics is often "described as a body of knowledge or study that discusses how
a society tries to solve the human problems of unlimited wants and scarce resources." Since economics involves human behaviors, this field is generally categorized as a social science (Luft,
2009). For this same reason, economics is not a stable science nor is it a exact (Luft, 2009). Nothing that involves human behavior can be exact because humans change often.
Their behaviors, tastes and desires change. There are a number of elements that are inherent in the study of economics. These include human desires or wants, human needs as
opposed to wants, resources, goods and services, scarcity, economic choices that humans make and the laws of supply and demand (Luft, 2009). The laws of supply and demand describe how
prices can change based on the balance or imbalance between the supply of the product and the demand for the product. A price is considered to be appropriate and correct
if there is a balance between the supply and demand of an item. The price will change when balance does not exist. The price will continue to change until a
balance is once again achieved. Another word for balance is equilibrium (Investopedia, 2009). The law of demand states that the higher the price of a product or service, the
less demand there will be for it (Investopedia, 2009). Consumers will buy less of a product that carries a high price tag. The buyer will choose to buy something else
they value more than pay a high price for a product. In terms of a graph, the lines would reflect a rather straight and steady downward slope, the
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