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Three Economic Concepts That Apply to Daily Life - Essay Example

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Three Economic Concepts That Apply to Daily Life

This essay describes three different economic concepts. The first one described by the researcher was supply and demand concept. The researcher described the term demand, that is used to refer to willingness and the ability of an individual to buy a particular good or service at a particular price, this means that an individual is recognized to demand a good or service only when he/she has the money as well as the will to purchase a particular good or service. And provided an real-life example: I have $500 to purchase an iPhone and even have the willingness to do so at a particular price. Next term that was described is supply. This term is used to reflect a manufacturer’s willingness and the ability to sell his/her goods and services at a particular price, an individual would not be regarded as a supplier if he is not willing to sell goods and services at a particular price. For example: If the Apple Company does not wish to sell their iPhone for $500, they cannot be regarded as suppliers as they are not agreeing to sell at a particular price. The researcher also analyzed market efficiency concept and described consumer surplus economic concept. The essay provides a detailed explanation on the topic of market efficiency, such as "An individual is said to experience market efficiency when he/she perceives that the price he/she has paid to purchase a particular good or service is equal to the worth of the good or service" The researcher also gives an example on such experience from his own

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perception.

Summary

This short essay describes three main economic concepts, that are used in the economy nowadays throughout the world. The essay focuses not only ln it's terminology, but also provides the reader with a few real-life examples on the topic.
Three Economic Concepts That Apply to Daily Life
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