Article Analysis for Economics - 1636 Words

University of Phoenix Principles of Microeconomics ECO/365 Professor James Harris III Aug 7, 2008 Article Analysis The article that will be used for this analysis is â€Å"Supply, demand, and the Internet-economic lessons for microeconomic principles courses† by Fred Englander and Ronald L. Moy. There will be definitions for the following economics, microeconomics, Law of supply and the Law of demand. Another subject that will be discussed is the identification of factors that lead to the changes in supply and demand. In order to better understand what is being discussed going to start with the definitions. Define Economics â€Å"Economics is the branch of social science that studies the production, distribution, and consumption of†¦show more content†¦Here is a great example of how the internet has helped in price and product comparison: â€Å"a consumer buying a car may not be informed fully about the safety features of various models or may not have adequate information to evaluate the importance or usefulness of various options (e.g., antilock brakes, four-wheel drive, side cross beams to reduce the damage from a side collision). The information asymmetry about those models or features is common and may allow an aggressive sales person to exploit the buyers ignorance† (Englander Moy, 2003). Another major utility of the internet is the ability to keep people connected. The internet allows friends and family to pay a low monthly price for e-mail, instant message and the ability to speak through a person’s computer. People can actually dial out to another computer and hold a conversation just as if they were on the phone. Describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services There is not a market, industry, good or service that has not been affected by the internet. Pertaining to demand the internet has changed demand in many ways, mainly due to making a lot of information available to the consumer that did not use to be. The internet offers more selections and more information on the products so theShow MoreRelatedEconomics An Overview: Article Analysis Essay1392 Words   |  6 Pagesbusiness objectives. Economics used as a tool to solve coordination problems. They include what and how much product to produce, how to produce their product, and for whom they are producing. In order to effectively answer these questions, economics is used. 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