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Econ/365 Supply And Demand Analysis

740 words - 3 pages

Supply and Demand Simulation
To identifywhich portions of the microeconomicsand macroeconomics principles are which in this simulationwe have to understand the difference between the two economical concepts first. Microeconomics is the study of the goods and services of the world and how they are affected by ways of the world. For example gas prices go up during the summer time for a reason other than oil companies wanting to make record high profits. The gas prices go up during the summer because we tend to travel more in the summer than we do during the winter. Families go on vacation more the weather is nicer nationwide, therefore the amount of outside events has increased drawing us ...view middle of the document...

Christmas time shopping through the years has taught us this, companies every year launch new items around Thanksgiving in hopes to draw us into the stores to buy what we are afraid others will have and we won’t. For example the IPhone, few things have changed on this technology other than the operating system, it still dials a number and we can still surf the web with it. However there have been a total of 4 different IPhones over the last 3 years, and typically there are less available than there are demanded, which creates the price to be set at an unreasonable amount.
The macroeconomics of the simulation is just as easy to point out as the microeconomics, because these are directly related to the big picture of economics. The government setting a ceiling on the rent we could charge on our two bedroom apartments not only is an illegal way to govern but it is also macroeconomics at its finest. As well, we learned about an increase in the way the residents of Atlantis were transitioning into detached homes versus paying rent for a two bedroom apartment. ...

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