Supplyand Demand

Topics: Supply and demand, Macroeconomics, Economics Pages: 3 (875 words) Published: September 7, 2013
Market Structures in AT&T

Tamela Black

ECO/365

September 2, 2013
Joe Krupka

Market Structures in AT&T

Microeconomics is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Typically, it applies to Markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determine prices and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.(From Wikipedia, the free encyclopedia). Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision making of an economy as a whole, rather than individual markets.(From the Wikipedia, the free encyclopedia). Some examples of Macroeconomics are unemployment rates, inflation, savings, investment, and international trade. From the simulation I have identified two Macroeconomic principles and concepts. Two are the behaviors and decisions that affect the goods and services. The supply is increased and the demand decreases and these are based on behaviors and decisions. All of this plays a significant role in prices of goods and services. Another principle I learned, pertaining to Macroeconomics, is dealing with inflation and growth. Taxation levels can change the pricing levels of goods and services. Unemployment rates can cause a change in the economy also. For example: If there is a very high rate of unemployment then there is a decrease in consumption of goods and services. If people are out of work then they are not able to buy and consume services like a working person would. I categorize these principles between microeconomics and macroeconomics differently because microeconomics deals more with the behavior of and decisions of the individual households and Macroeconomics deals more with the whole...

References: http://www.boundless.com/economics/methods-and-basis-economic-models/economic-as-science/macroeconomic-and-microeconomic
en.wikipedia.org/wiki/microeconomics , The Free Encyclopedia, The Wikipedia.
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