Article Analysis Week 1 Economics 365 - 1064 Words

Week One Article Analysis ECO/365 January 16, 2012 Week One Article Analysis David Colander defines economics as the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society† (Colander, 2010, p. 4). Coordination in this definition refers to production content, method, recipients, and even quantity. To think like an economist one must analyze every situation by comparing the costs and benefits and make any decisions based on those findings (Colander, 2010). The study of microeconomics zeroes in on the individual and analyzes how economic forces affect the choices he or she makes. Economic forces will ensure that what people want†¦show more content†¦Policy makers are taking part in decision-making processes previously conducted by managers and officers on the board. As in the past, when government becomes involved it most likely will mean a permanent change in its role (Beinhocker, Davis, amp; Mendonca, 2009). The change in consumption patterns is due to the fact that the 80’s and 90’s saw high consumption by baby-boomers financing their purchases. As the recession began the boomers faced retirement buried under large amounts of debt. This easily brought buying to a halt and with the aging population and depleted savings it will be a more slowly rise back to normal patterns. All industries are generally affected by a recession. The trend outlined here is that businesses will continue to reshape themselves during these times at an even higher rate. Taking advantage of opportunities that become present can reshape a business’s competitive environment and give them an advantage in this economy. The final accelerated trend reviewed is the pattern of price instability. Over the past thirty years companies grew to expect an overall steady price environment. This is no longer the case. The article suggests that â€Å"rather than trying to accurately forecast inflation or deflation – an impossible task – companies should focus on how they might manage price instability† (Beinhocker et al., 2009 p. 60). They recommend reviewing contracts with suppliers, wage agreements, policies on pricing,Show MoreRelatedEco365 Week1 Essay2640 Words   |  11 PagesSyllabus School of Business ECO/365 Version 4 Principles of Microeconomics | Copyright  © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. 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