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Article Analysis: Trends in Gasoline Consumption

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Article Analysis: Trends in Gasoline Consumption The business world is influenced by intricacies of the choices consumers’ make. Many companies spend large amounts of money dedicated to researching and analyzing consumer trends to help steer them to success. Having the ability to anticipate trends in consumer consumption patterns of gasoline is crucial for a company that strives to be a leader in their industry. To gain an understanding of trends in consumption patterns, one must first understand the basics of economics. Economics is defined as the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. (Colander) Evaluating the trends in consumer consumption will help answer what, and how much, to produce and for whom to produce it. The law of supply and demand is a very important process of economics. The law of supply states that quantity supplied rises as price rises, when all other factors remain constant, and the law of demand states that the quantity of a good demanded is inversely related to the good’s price. (Colander) Therefore, when the price of a good goes down, the quantity of the good demanded will go up, and when the price of a good goes down, the quantity of the good demanded will go up. There are many factors that will affect the changes of consumption patterns like a change in the supply and a change in the demand.
The consumer consumption patterns of
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