Supply and Demand Concepts
Economics are the structure blocks on understanding trade and commerce on a monetary point of view and adjustment curves in demand and supply. To identify with this more, this paper will tell you about core concept that microeconomics and macroeconomics can convey. This will be explained with the help of examples as this paper focuses on two microeconomics and two macroeconomics concepts or principles from a simulation that was completed before writing this paper. This paper will help you in understanding why the concepts and principles of microeconomics and macroeconomics are categorized. The paper will also help in identifying at least one shift of the demand curve and one shift of the supply curve in the simulation along with causes which leads to shifts and the other factors which supports the shift? This is well explained with the help of examples, as they are connected to the work presented and how it will assist in understanding the factors which affect shifts in demand and supply on equilibrium quantity and price.
Definitions
To better aware of fundamentals of economics it would be better to know what both microeconomics and macroeconomics mean. Microeconomics is the emphasis of the market factors of supply and demand, which usually helps in determining the alteration of levels in price. This part of economics specifically features particular aspects of human choices. Like if there is change in microeconomics, macroeconomics is the target area of economic development and alterations in general income. This is the wider range of change in the course of factors of everybody’s decisions as this is utilized to determine the change in demand and supply. Identified shifts in the simulation was utilized to assist better know the economics and create integrated a shift of demand and supply. The shift of supply in simulation established the quantity of supply increased once leasing rates also improved. This is an approach used in the...