Eco 365 Week 1 Individual Assignment

Using the Electronic Reserve Readings (ERR) for ECO365, the Course Web Links, University Library, Internet, and/or other sources of literature, locate an article concerning trends in consumption patterns.

Prepare a 1,050-1,400-word paper in which you:

• Define economics
• Define microeconomics
• Define the Law of supply
• Define the Law of demand
• Identify the factors that lead to a change in supply and a change in demand
• Analyze the basis for the trends in consumption patterns as discussed in the article.

In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.