Eco365 Supply And Demand Essay

730 words - 3 pages

Supply and Demand Simulation
June 4, 2012

Supply and Demand Simulation

Introduction
Supply and demand is a fundamental concept of economics and the economy would not survive without supply and demand. The quantity of a product or service is the demand and the supply is how much the market can offer. The simulation will allow us to understand concepts and principals of microeconomics and macroeconomics. Secondly, we can easily identify shifts in the supply and demand curve. A good understanding of the concepts of microeconomics allows us to understand the factors that affect shifts in supply and demand on the prices and quantities. After reading the chapters and completing the ...view middle of the document...

Understanding the concepts of supply and demand would allow someone in my workplace to fulfill the position of a contract specialist and perform at an exceptional level.
The concepts of macroeconomics help me understand the factors that affect the shifts in supply and demand on the equilibrium price and quantity because I will know the best time to purchase and when to hold off on a purchase. Whenever prices increase the quantity demand will decrease and this would not be best for the company who has increased their prices because the consumer will be hesitant to make purchases until the prices decrease. If companies raise their prices of a good or service they may lose customers because of the higher price of the item. It is understood that if the supply and demand is equal then it is considered a equilibrium and this could be good for the economy.
The price elasticity of demand could affect a consumer’s purchasing and the firm’s pricing strategy because the firm could reduce the price for the goods, and would therefore increase the interest of the consumer to want to make a purchase. If the firm increases their prices it would turn...

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