Concept of supply and demand; of antitrust laws and of labor unions - Essay Example

The three most important concepts learned in the a) Concept of Supply and Demand: Supply and demand has become one of the most important concepts in modern day economics. Indeed this concept can be summed up as the one in which, the producer of a commodity has a certain quantity for sale in the market and that quantity which consumers are ready to buy. As a result of this the demand for a particular commodity, depends on a number of factors like the commodity price, related commodity prices and also consumers buying power and choices.

The supply of a particular commodity depends on a number of factors like, the cost incurred in production of that particular commodity, the price of related kinds of products and many other factors. The concept of supply and demand is always existent and the market’s main aim is to bring a form of stability and equilibrium between the demand as well as supply through the pricing of commodities. b) Concept of Antitrust Laws: These are special type of laws that have been created by the American government in order to prevent the formation of monopolies, which could otherwise result in unhealthy market competition.

Thus these are a set of Federal laws which can be applied in case of both businesses as well as individuals. The first Antitrust law in America was created in the year 1890. Thus this law ensures that, all the individuals and the various business establishments are given a fair deal, when it comes to market competition and that no single company or individual gains an upper hand in business dealings unlawfully. Hence Antitrust laws have become a boon for American citizens since the consumers get adequate protection from being exploited. (www.wisegeek.com ) c) Concept of Labor Unions: It is an organization that is created by the workers of any company or business establishment, with the sole aim of getting satisfactory wages and favorable type of working environment, through the bargaining strength of its members.

In America most labor unions help in the process of negotiations with the employers. It has been seen that, most of these are business unions. Indeed labor unions help in empowering individual workers in getting justice regarding wages and also in matters relating to improvement of the conditions under which they work. 2. How these concepts can relate to a college student’s professional and personal live going forward? Indeed all the above discussed three concepts are very important for any college student, since they will come across these in daily lives as well during the professional careers.

This is due to the reason that, the concepts of Supply and Demand, Antitrust laws and Labor unions have got established into the markets in US and are important factors on which, several individuals and business establishment depend on. As a result of this when a college student becomes a business man; they need to have a very good grip of these concepts, since they will have to take several vital decisions based on these. Since the nation’s economy will be affected by the above concepts, it will have a direct impact on the personal life of any college student.

Works Cited: Cyprus Sheri “What are Antitrust Laws?” www.wisegeek.com February23. 2011. Web. May07. 2011