Article Analysis Paper
The study of economics consists of a broad range of meaning. A brief definition can be that economics is a social science concerned with the study of …show more content…
Law of Demand
The law of demand differs from the law of supply because the law of demand is more individualistic. The law of demand relates to the relationship between the amount of a good orservice that both the consumer desires and is able to purchase. In this law, if a price of a service reduces, then, the demand for that good rises. The same happens when reverse. If a price of good increases, then that demand decreases. The changes to a demand curve are continuously because consumer’s tastes change, the economy changes what consumer can afford, and natural disasters also change the want or need.
Factors Leading to Change in Supply and Demand
In the article, Demographic Analysis for Consumer Spend in Communications, it was found that communications is a necessity when spending increases towards the lower income segments of world population. The article takes the demographic conditions of countries where communications penetrations is still growing and people’s interest to spend on communications as a part of their overall