Essay about Microeconomics and the Laws of Supply and Demand
October 15, 2014
University of Phoenix
Microeconomics and the Laws of Supply and Demand
This assignment calls for the students to complete the Supply and Demand web simulation. The simulation is about a property management firm called Goodlife Management, who owns apartment complexes in the city of Atlantis. The simulation provides a number of different scenarios both covering information that we learned about microeconomics and macroeconomics.
Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as microeconomics or macroeconomics. Microeconomics affects the immediate …show more content…
I would apply the information learned from this simulation to a workplace in the fashion industry. As discussed in class last week, the more of a demand and supply that you have on a particular brand of clothing, the higher the price will be, either until there is no longer a supply, or until there is a change of interest that causes a surplus of supply. Once that occurs you will still have the supply, but yet the demand (interest) is low, causing the owner to lower the price in order to sell the remaining supply. The goal is to have your supply and demand goals met, while also maximizing your revenue.
How do the concepts of microeconomics and macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? The lessons taught by the simulation in regards to supply and demand teaches how