Consumption Patterns

Paper Summary:

This paper discusses consumption patterns in society. It begins by defining economics, particularly with regard to the need to wisely allocate resources. It also looks at the history of scarce resources and the law of supply and demand. The paper then discusses what factors affect the supply of the product and what may influence its demand.

From the Paper:

"If any of the factors mentioned above other than price changes, there will be a change in supply. The producer's motives also influence the supply. Other factors to be considered are prices of other commodities, government policies, seasonal factors and transaction costs. Nowadays, there is a rapid advancement in technology. This will then improve the productivity of the factors of production. Before the improvement in technology, sellers can sell a particular quantity of good at a certain price. After the technology, they may be willing to offer more quantity for the same price. Therefore, this is a clear indication that price is not a basis for the shift in supply."

Sample of Sources Used:

• Samuelson, Paul Anthony. Economics. 11th ed. McGrawhill Inc., New York: U. S. A., 1981.
• World Health Organization (WHO), 2008. "Global and regional food consumption patterns and trends." http://www.who.int/nutrition/topics/3_foodconsumption/en/index.html. Retrieved on 02 Apr. 2008.

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