Economics: The Conception of Supply and Demand

781 Words3 Pages
One of the central notions pertaining to economics is the conception of supply and demand. In a free market economy, or even in an economy in which there may be certain regulating agencies such as governmental forces, one expects for supply to meet demand at some point (Asif, 2012). These primary market equilibrating processes affect everyone involved in that particular economy, even me. By nature people are consumers, and they must learn to balance out their desires with what it is they can reasonably afford to consume, which relates to certain notions of scarcity and choice (McConnell, 2011, p. 4). As a woman, I have certain responsibilities that I must meet in order to provide for my family. However, those responsibilities do not negate the fact that I also have innate desires of my own that I also seek to fulfill. My means of balancing these two different responsibilities that towards my family and that towards me as an individual relate to the conception of the economizing problem. This problem is the notion that people have limited resources and funds to obtain an even more limited quantity of goods and services. The crux of the problem is that people's wants oftentimes far exceed the resources available to them both their own and that which is provided by society in an economy which results in decision-making, prioritizing, and sacrificing certain desires in order to meet others. For instance, at this moment I need a pair of shoes for professional and even for
Open Document