Abstract The analytical paper discusses theoretical background determining economic behavior and consumer buying choices. The irrationality of consumer economic behaviors and purchasing decisions makes companies consider feasible theories and concepts explaining the interdependencies and shifts of supply and demand. The coursework emphasizes the Theory of consumer choice and demand curves,...

Markets and the Economics of the Public Sector Equilibrium of Supply And Demand The equilibrium of supply and demand occurs when the amount of supplied goods complies accurately with that of the goods demanded. This equilibrium is a desirable economic condition for all the market players at any levels (individual,...

Ten Principles of Microeconomics, illustrated by Gregory Mankiw in his book Principles of Microeconomics, imply a thoughtful analysis of the process of making a decision, human interaction, and economy work as a whole unified system. The author makes the emphasis that people make a decision via experiencing numerous tradeoffs: “Making...

It is well-known that the seasons – fall, winter, spring, and summer – have an effect on food prices in a variety of ways. According to The Economist, the United States spends the least amount of money on food at approximately 12% (The Economist, 2013).However, there is no clear conclusion...

The great recession experienced in 2008 was manifested in a great decline of the global economic perspectives. The recession was exhibited through a credit crunch that was experienced in various countries in the world, and it extended between 2007 and 2009. The period oversaw low economic growth in various entities...