We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Economics, Goods and Services, Firms, Production, Supply and Demand - Essay Example

Comments (0)
Summary
Economics, Goods & Services, Firms, Production, Supply & Demand Name Professor Course Date Introduction Individuals have different tastes in different products. Depending on the level of satisfaction of a good or a service on an individual, the demand of the good or service can either rise or fall…
Download full paper
GRAB THE BEST PAPER
Economics, Goods and Services, Firms, Production, Supply and Demand
Read TextPreview

Extract of sample
Economics, Goods and Services, Firms, Production, Supply and Demand

Download file to see previous pages... The essay shall focus on how goods and services’ supply and demand is influenced by consumers, how the changing needs and wants of consumer are met and how the different types of resources are used by firms for the production of goods and services. A market is a place where buyers and sellers meet in order to exchange goods and services. Market structure is comprised of buyers, sellers, buyer and seller entry barriers, size of the firm, product differentiation, market share and competition. With the above characteristics, one is able to determine where a particular firm is classified. Some examples of market structure are; Monopoly-here, companies are owned by the state, and other partner entry is not allowed. Oligopoly-here, the number of buyers is high than the number of sellers, thus competition is high. Monopolistic competition-here there is many buyers and many sellers for same products, different branding and very high competition. Perfect competition-an example is between food bought in the stores and those from the market. The following are other market definitions: Economics is concerned with production, allocation and utilization of goods and services. Economics can be divided into; microeconomics and macroeconomics. Microeconomics deals with firms, buyers, and markets. Macroeconomics deals with growth, inflation and policies that affect economy (Wessels, 16, 2006). Consumers are those who benefit from goods and services. They are the users of produced products (Houghton, 20, 2009). Goods are useful items that are required and useful to individuals to satisfy their needs or wants. They can also be classified as tangible, since they can be touched unlike services, and can be stored for the future (Houghton, 15, 2009). There are three types; inferior goods, which decrease in demand as consumer income increases; normal goods, which demand increase as consumer income increases; and luxury goods, which are non essential and are mostly considered an influence. Services are intangible, cannot be stored and are an activity that is done to an individual from another. Services are the other alternatives to goods. Services are done in order to provide help or as a profession (Houghton, 15, 2009).  Firms are organizations that deal with goods and services and their production to cater for the needs and wants of consumers. Firms can be businesses, corporations, or partnerships that have the main aim of producing goods and services for consumption (Rugraff & Hansen, 119, 2011). Production is the process of manufacturing goods from raw materials. Production is transforming raw materials that in their natural form do not have any benefits to consumers. After processing these raw materials, the products that come out can be used by consumers (Menger, Klein, Hayek, Dingwall & Hoselitz, 161, 2007). Supply is the distribution of goods and services to consumers. Supply is influenced by the demand for goods and services (Adil, 4, 2006).  Demand is the desire for a certain good or service by a consumer(s) who is willing to buy the good or service at a certain set price. Factors that influence demand are like price; of the good and other related goods (substitute), and also the price of the good and other goods (complementary) (Adil, 5, 2006).  Resources are the sources that products are extracted from. In economics, there are four main types of resources namely; land, labor, capital and entrepreneurship (Mankiw, 538, 2011). ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Supply and Demand Simulation
On the other hand, an increase in price of goods and services may lead to an increase in supply as the suppliers are willing to supply at higher prices to make substantial profits (Mankiw, 2011). The simulation will focus on micro and macro economics, shifts in supply and demand curves as well as their affect on equilibrium prices and quantity.
3 Pages(750 words)Essay
Demand and Supply Paper
While supply refers to the amount of goods sellers, are willing and are able to bring into the market at any one given time (Brown 2010). This is at the current prices in the market. This brings in the fact that the market has two major players. The buyers and sellers.
3 Pages(750 words)Essay
Demand - Managerial Economics
The demand curves, which is downward sloping, expresses the relationship between price and quantity demanded by the market. The horizontal axis indicates the amount of goods
5 Pages(1250 words)Essay
Demand versus supply paper paper
reservoirs of medical resources on the face of this earth in the form of large number of hospitals most equipped with the advanced and elaborate equipment, large number of rigorously trained doctors amounting to about 0.15% of the total population, and health being the second
5 Pages(1250 words)Essay
The Market Forces of supply and demand
The most important concept in the study of the economic behavior is the supply and demand. Demand is the willingness and desire of a person to purchase
5 Pages(1250 words)Essay
Internet Services Demand and Supply
This essay demonstrates that the young people use the tool as easy access to information and knowledge, as well as communicating with friends through social networking sites. It has brought drastic change not only in the mode of business activities but also communication. It has changed every aspect of human life from studying, working to socializing.
5 Pages(1250 words)Coursework
Demand and Supply
The specialization of production as well as the market institution of trade antedates the science of economics that currently lies at the heart of modern economies. It is perhaps fair to say that the science of economics basically studies natural institutions of human
6 Pages(1500 words)Essay
The fall in demand for goods in Asia is likely to have repercussions for goods markets in Europe. Using the concepts of supply, demand, and elasticity examine what effects the slow-down in Asia may have on British consu
The value of exports is among the factors that constitutes the aggregate demand of a country. A reduction in exports definitely means a reduction in the aggregate demand, which in turn leads to a decline in the economy. A decline in the economy
8 Pages(2000 words)Essay
The fall in demand for goods in Asia is likely to have repercussions for goods markets in Europe. Using the concepts of supply, demand, and elasticity examine what effects the slow-down in Asia may have on British consu
For suppliers, the understanding of the demand factors is important so that they do not end up producing goods that may not be accepted in the market. By understanding demand factors, producers and suppliers of goods and services can produce goods that are
8 Pages(2000 words)Essay
Supply and Demand in the steel industry
This paper will critically analyze the demand and supply in the global steel industry and will discuss the market factors such as excess capacity the affected the sustainability of the sector in relation to the interaction between supply and demand in
5 Pages(1250 words)Essay
Let us find you another Essay on topic Economics, Goods and Services, Firms, Production, Supply and Demand for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us