Econ Concepts Essay

831 Words Oct 19th, 2011 4 Pages
Running head: WEEK 1 ECON CONCEPTS WORKSHEET

Week 1 Economic Concepts Worksheet
University of Phoenix
ECO501

Economic Concepts Worksheet

Concept | Application of Concept from Personal Experience | Reference to Concept in Reading | Supply is a schedule or curve that shows the total amount of a product or service that is available for sale or purchaseChanges in Supply: * Change in Resource * Technology * Taxes/subsidies * Prices of other goods * Expectations of future pricing * Number of Suppliers | I have worked for a wireless telephone company for the last 13 years. I worked in retail for several years, where we had to keep inventory of the mobile phones in stock to have availability or supply as needed. Phones
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| “Microeconomics examines the sand, rocks and shells, not the beach.(McConnell-Brue, 2004, p. 10) | Demand is a schedule or curve that shows various amounts of a product that consumers are willing and able to purchase at various prices, during a specific time.The Law of Demand states that as price falls, the quantity demanded increases, and as price rises, the quantity demanded falls. | In the very competitive telecommunications market, demand is growing and increasing daily. An example within my company would be the task to simply remain competitive keeping our rate plans and monthly rates lower. If we were to increase our monthly rate plans, and the other wireless providers kept their rates the same, our sales and customer base would begin to see a decrease. | “The law of demand is consistent with common sense. People ordinarily do buy more of a product at a low price than at a high price…the higher the price, the less of the product is purchased. The lower the price, the more of the product of purchased.”(McConnell-Brue, 2004, p. 40) | Macroeconomics analyzes the economy as a whole, a big picture. Units are treated as one, and there is little to no attention given for specifics or particularsEx: a collection of income, a firms total expenditures, total revenue for small business | A good example of macroeconomics in my department would be analyzing my daily reports on a corporate level, for the company as a whole, versus just my department or my team. Doing

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