Work Essay

758 words - 4 pages

Supply and Demand Simulation
Joseph Silva
Eco 365

In this paper we will be observing the key points of microeconomics and how it relates to week twos supply and demand simulation. We shall go over and review the basic principals on how the supply and demand curve works and is effected in certain senarios. Also in this summary we will go over the affects on equlibrium price, quantiy, and decision making. Finally we will talk about the firms stategies how it relates to the senario. The senario in this simulation brings you to a new city called Atlantis where you are a property manager of some two ...view middle of the document...

For macroeconomics the two concepts I noticed was inflation and economic growth. In the simulation after the tech companies brought new jobs and more people there was a time of economic growth witch caused inflation on the cost of living.
In the simulation there was many shifts in the supply and demand curve. One scenario where the supply curve was shifted was when the population was increased and the new tech companies brought employment this made the supply curve go up because the apartments made new apartments. For the demand curve one of the scenarios called for the apartments to convert some in to condos. This made the supply and the demand for the condos shift to the left. The cause of this was because there were fewer tenants and fewer apartments to lease. For each shift on the curve the equilibrium is effect depending on the circumstances. The quantity demanded equals the quantity supplied only at the point of equilibrium. This basic concept changes and can gear your decision making for the betterment of the business. Appling this basic skill to any business in the field can benefit you to your advantage.
Working in the non-profit field having knowledge on the supply...

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