Economics deals with the exchange, distribution, consumption of goods and services and production. In today's world, United States is the world's largest national economy. The history roots come from the European settlements in the 17th and 18th century. For hundreds of years, United States has grown to make up over quarter of the world economy. This paper will focus on an article analysis of wireless communications and trends in consumption patterns that will include utility derived from products, market prices, changes in demand and elasticity in demand of wireless services. This paper will also define economics, microeconomics, law of supply and law of demand as well identifying changes in supply and demand.
EconomicsIn economics we study the consumption of goods and services, distribution and production. Economics focuses in the behavior and relationship between the ends and means which have alternative uses.
MicroeconomicsMicroeconomics gives an explanation of how the interplay of supply and demand in competitive markets creates a multitude of individual wage rates, profit margins and prices.
The illustration that accompanied Marshall's origi...
Perfectly inelastic demand
Perfectly elastic demandConsumers spend their incomes in different ways, such as buying quality products that enables them to enjoy all the pleasure as possible.
Law of SupplyThe law of supply is the relation between the price of goods and the quantity available for sale at a certain price. If demand were to hold constantly, there would be an increase in supply that leads to a decrease in price. If there was a decrease in supply then it leads to an increase in price.
Law of DemandThe law of demand is when price and quantity are related in a demanded market. When the prices of products are high, consumers buy fewer products. If supply were to hold constantly, there would be an increase in demand which would lead to an increase in market price. If supply...