The Simulation This Week Based On A Fictitious Town Of Atlantis

The supply and demand simulation was a very helpful tool in understanding the effects of external factors on the supply and demand curves. Understanding this concept is fundamental in preparing for real life situations. I personally enjoyed the fact that the simulation was based on a real estate management company. I was able to understand and relate to the information given. There are a series of questions that will be answered and the topic of this paper will cover different concepts of micro and macroeconomics including; shifts in the supply and demand curves and its effect on the equilibrium price,

This week’s assignment examined the effects of supply and demand on the pricing and availability of real world goods. In this instance, the simulation looked at pricing and availability of two bedroom apartments in the fictional city of Atlantis. The simulation takes a look at several different situations, outside market factors and governmental influence. By going through the simulation and adjusting the pricing levels of the apartments and the number that are being made available to be rented, the simulation shows the effects of things like new employers moving into the area, rent control laws being put into effect and the

   A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole.

Over the years, there have been plenty of islands that have disappeared. However, one island has has been given a ton of attention. This island is called Atlantis and was referenced in the greek philosopher Plato's work. The people that inhabited the Atlantis were supposed to be very advanced compared to other civilizations. History.com says, “ Plato (through the character Critias in his dialogues) describes Atlantis as an island larger than Libya and Asia Minor put together, located in the Atlantic just beyond the Pillars of Hercules—generally assumed to mean the Strait of Gibraltar.” The island eventually sank into the sea due to earthquakes and flooding. Many people thought Plato’s book was just a myth until in a scholar claimed it might

Goodlife Management is the sole provider of apartments available for rent in the city of Atlantis in which the supply and demand simulation provided by UPOX takes place. The simulation provides excellent, real-life examples of how the supply and demand curves may shift based upon various factors that occur within the market in Atlantis. The following details such examples as microeconomics versus macroeconomics, equilibrium pricing, and what drives the elasticity of the market price of the two-bedroom apartments that are available for rent in Atlantis.

IN THE UNIVERSITY OF PHOENIX SIMULATION (2003), APPLYING SUPPLY AND DEMAND CONCEPTS, A SITUATION IS PRESENTED CONCERNING THE SUPPLY AND DEMAND OF TWO-BEDROOM RENTAL APARTMENTS IN ATLANTIS. THROUGHOUT THE SIMULATION SCENARIOS ARE PRESENTED AND CHOICES MUST BE MADE REGARDING "FACTORS THAT AFFECT DEMAND AND SUPPLY, AND THEREFORE, EQUILIBRIUM" (UNIVERSITY OF PHOENIX, 2003, PARA. 5).

Microeconomics deals with the individual parts in the economy and how they relate to each other. Macroeconomics deals with the totals of these parts in our economy

In the supply and demand simulation a neighborhood called Atlantis is given for the setting. Atlantis is a small city with open spaces, low population, and a low crime rate. There are plenty of sidewalks and street systems for easy access to the highway. The housing in Atlantis is detached homes and apartments. The supply and demand simulation consists of microeconomics and macroeconomics. The simulation presents shifts in the demand and supply curve, equilibrium, price, and quantity.

The Supply and Demand simulation was reviewed on the student website demonstrated the concepts of the concepts of microeconomics and macroeconomics. The principles of microeconomics and macroeconomics were explained and applied throughout the simulation demonstrate the rationale for the shifts in the supply and demand curve. Each shift is analyzed showing the effects of the equilibrium price, quantity, and decision making process for the simulated company represented. The concepts encountered in the simulation provide an opportunity to better understand how each can be applied to my current workplace. The Scenario provides an

David Colander defines economics 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, 2010, p. 4). Coordination in this definition refers to production content, method, recipients, and even quantity. To think like an economist one must analyze every situation by comparing the costs and benefits and make any decisions based on those findings (Colander, 2010). The study of microeconomics zeroes in on the individual and analyzes how economic forces affect the choices he or she makes.

The analysis shows a supply curve, “which is an imaginary line at a point in time telling the quantity a supplier provides at various prices of the product” according to dictionary (dictionary, 2013). The cause of the supply curve in the simulation is that the rates of the apartment rentals went up, and so did the number of apartments GoodLife was willing to rent. This made the supply curve slope upward, as the goal is to rent out every apartment. The equilibrium price is $1550, and the quantity is 2500 apartments.

11.Macroeconomics is best described as the study of A) very large issues.B) the choices made by individual households, firms, and governments.C) the nation's economy as a whole.D) the relationship between inflation and wage inequality.Points Earned: 0.4/0.4Correct Answer(s): C

The purpose of this paper is to discuss the Supply and Demand simulation from the student website. The idea is to identify two microeconomic and two macroeconomic principles present in the simulation and to explain why these principles are categorized as macro or microeconomic. The paper will also determine one shift of the supply curve and one shift of the demand curve from the simulation, as well as why these shifts happen. Their impact on the equilibrium price, on decision making, and on quantity will be also analyzed. Then, it will refer to ways in which concepts about supply and demand can be applied in a real life-situation or in the workplace.

A city disappearing in one night and never found ever since sounds suspicious. Where could

Microeconomics involves supply and demand in an individual market, individual consumer behavior, and externalities arising from production and consumption; while, macroeconomics involves monetary/fiscal policy, reason for inflation and unemployment, and international trade/ globalization.