Essay about Eco/365 Supply and Demand - 863 Words

Supply and Demand ECO/365 Supply and Demand The economy is run by the concept of supply and demand. The simulation provided a practical learning experience that brings together the concept of micro and macro economics. I will try to summarize my findings and the inner workings of the concept of supply and demand that the simulation offered. Economics is defined as â€Å"the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of society† (Colander, D.C., 2010). In other words, economics focuses mainly on three aspects and those are: what are we going to produce, and how much of it are we going to produce, in what way are we going to†¦show more content†¦Whereas if they paid a higher rent in Atlantis to Goodlife they would have a shorter commute and more time for the things they enjoyed. Then there is in macroeconomics what is considered the invisible hand a silent force if you will. Goodlife could do one of two things it could lower its prices to entice customers to rent its vacancies as opposed to renting outside Atlantis. Or, if Goodlife were renting their apartments then they could raise their price because there were fewer to rent from in the city. This is known as the invisible hand theory that â€Å"gives more power to the supplier of something that is in short supply† (Colander, D.C., 2010). This theory says that I there is less apartments and more interested customers that Goodlife could raise its prices because of the demand for them. Goodlife needed to have a 15% vacancy in the simulation, and this would represent a shift in the demand curve. For Goodlife to do this it had to lower its apartment rental prices, and thereby increasing the demand for apartments. On the other hand, Goodlife was able to supply more apartments when it raised its prices to cover maintenance fees by charging $1,550 a month. The housing market in my area of Texas has continued to drop because o f such a large supply of housing. The demand for housing is at a current low. Once customers start to purchase homes in the area prices will stay the same and prices will steadily increase as the supply lessens. InShow MoreRelatedSupply Demand Paper Eco/3651105 Words   |  5 PagesSupply and Demand Simulation University of Phoenix May 9, 2013 ECO/365 - Principles of Microeconomics The Supply and Demand Simulation consist of microeconomics and macroeconomics concepts. The concepts are explained and how they apply to the principle of microeconomics and macroeconomics. The simulations presents shifts in the supply and demand curve, the rationale for the shift is given. Each shift is analyzed showing the effects of the equilibrium price, quantity, and decision makingRead MoreEco 365 Supply Demand Paper1082 Words   |  5 PagesSupply amp; Demand Simulation Erica Bradford ECO/365 June 19, 2013 Jeremy Alessandro Supply amp; Demand Simulation Goodlife Management is the sole provider of apartments available for rent in the city of Atlantis in which the supply and demand simulation provided by UPOX takes place. The simulation provides excellent, real-life examples of how the supply and demand curves may shift based upon various factors that occur within the market in Atlantis. The following details such examples asRead MoreEco 365 Supply and Demand Simulation Essay855 Words   |  4 PagesSupply and Demand Simulation ECO/365 November 26, 2012 The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why theseRead MoreSupply and Demand Simulation983 Words   |  4 Pages   ECO365 Supply and Demand Simulation Student Name ECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another, Supply and demand phrase according to Colander, (2010) is the most used phrase by economist and the reason is because the phrase provides a good â€Å"off-the-cuff† answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is GasolineRead MoreEco/365 Essay example628 Words   |  3 PagesSupply and Demand simulation LaKeith A. Atkins Sr. ECO/365 February 28, 2013 Watson Ragin Supply and Demand simulation †¢ Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. Supply and demand was affected by decreasing the rent to lower the vacancy percentage and maximize revenue for the company. This process is considered a temporary fix on a month-to-monthRead MoreMicroeconomics and the Laws of Supply and Demand Essay703 Words   |  3 Pagesï » ¿ Microeconomics and the Laws of Supply and Demand ECO/365 Principles of Microeconomics August 18, 2014 Sam Pirnazar Microeconomics and the Laws of Supply and Demand Abstract The objective of the laws and the supply and demand simulation is to apply the supply and demand concepts to provide a better understanding on how to use the curves in order to figure out the equilibrium in the market for leasing two bedroom apartments. The simulationRead MoreEco365 Supply and Demand Simulation Paper761 Words   |  4 PagesSupply and Demand Simulation ECO/365 Supply and Demand Simulation In the University of Phoenix simulation (2003), students are taken through the supply and demand of two-bedroom apartments in a city called Atlantis. The simulation itself is used as a tool to learn about the demand and supply curves as well as equilibrium. Other key learning points are the factors that affect supply and demand, the effect that a price ceiling has on the quantity demanded and the quantity supplied. ThroughoutRead MoreSupply and Demand719 Words   |  3 PagesSupply and Demand Simulation ECO/365 Rex Draughn November 19, 2013 Microeconomics is â€Å"the analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions effect others.† Microeconomic decisionsRead MoreSupply and Demand Simulation Paper886 Words   |  4 PagesSupply and Demand Simulation Paper ECO/365 Week 2 Individual Assignment February 25, 2013 Supply and Demand The analysis will identify two microeconomics and two macroeconomics principles or concepts from the simulation, and explain why each principle or concept is in the category of macroeconomics or microeconomics. The analysis will identify at least one shift of the supply curve, and one shift of the demand curve from the simulation and what causes the shifts. The analysis will showRead MoreEssay about Eco 365 Week 1692 Words   |  3 PagesArticle analysis: Pump Prices and Oil Prices: A Tale of Two Different Directions By Ernest Guillen University of Phoenix ECO/365 Ver.4 Principles of Microeconomics Instructor: Dr. Christina Espinoza-Alguera Abstract: The following article is regarding what is most important to everyone around us regarding the pricing for gasoline at the pumps. This is a topic that concerns most people on this planet, why are the prices for gasoline so high and is it regarding the greed of