Economics Concepts Worksheet
Running head: ECONOMICS CONCEPTS WORKSHEET
Economics Concepts Worksheet
University of Phoenix
Economic Concepts Worksheet
Concept Application of Concept from Personal Experience Reference to Concept in Reading
Unlimited Wants, which is the needs of consumers to gain and use an assortment of products and/or service that is satisfying or pleases the consumer.
Businesses try to meet the demands of their customers while competing with the competitors.
I experience customer wants on a daily basis. I am a Food Service Manager at a hospital and I am constantly addinng new products or changing menu items to keep my customers satisfied. Customers, especially doctors will compare our Café to other hospitals Cafes.
I offer items at a competitive rate to other dining areas around the hospital campus. At times it feels that the more I offer the more the employees of the hospital wants or expects. For instance, when I started selling small variety of bagged snacks, like peanuts, they wanted the Café to carry walnuts and almonds and such.
"Over time, wants change and tend to multiply, fueled by new products. Not long ago, we did not want DVD players, Internet service, digital cameras, lattes, or pagers because they simply did not exist" (McConnell & Brue, 2004, p. 1).
"The objective of all economic activity is to fulfill wants" (McConnell & Brue, 2004, p. 2).
Demand is understood as the needs, wants and desires of consumers. Important aspects to consider when determining demands are:
Prices rise the demand may fall
Consumer preferences
Consumer incomes and prices of comparable goods or service I experience demands in two ways, one is I have individual demands myself. I require products and services I determine within my own budget. On the other hand I provide food service to thousands of customers a day. In the...
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