Supply And Demand Concepts : Critical And Macroeconomics And Microeconomics Settings

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Supply and demand concepts are critical to the macroeconomic and microeconomics settings. This week’s assignment discusses a functional apartment management company in the city of Atlantis, which is dealing with factors of economic issues. When in perspective, the microeconomics concepts can be categorized by changes in the supply, demand and equilibrium. This is because all of these topics affect a small market in which the company operates. Normally, microeconomics applies to individual markets in which goods and services are bought and sold, while macroeconomic concepts have a broad impact on the overall region, and goes beyond that of the local market. These concepts—when applied to the business of apartment homes— typically include price elasticity and price ceiling because they are concepts that apply to a large and broad market. Additionally, Macroeconomics factors focus on the performance, structure, behavior and decision making of the economy as a whole. The simulation pertaining to the supply and demand concepts showed that there was a shift in the supply curve, or the demand curve, and could cause some significant changes to the economic environment. For example if the demand curve was to shift to the left, that would show a sudden decrease in the consumers demand for production and could cause fewer apartments to be filled. This type of situation occurred in the simulation due the widespread desire of customers to own their property therefore forcing

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