The Determinants of Demand and Supply in the Modern Economy
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Determinants of Demand and Supply in the Modern Economy
The modern economy is characterized by the interplay of demand and supply forces, which determine the prices and quantities of goods and services that are traded in the market. The determinants of demand and supply are the factors that influence the behavior of consumers and producers, respectively, and affect the quantity of goods and services that are demanded or supplied at a given price. In this essay, we will discuss the determinants of demand and supply in the modern economy.
Determinants of Demand:
Income: Income is one of the primary determinants of demand. As the income of consumers increases, their ability and willingness to purchase goods and services also increase. On the other hand, if their income decreases, their demand for goods and services will decrease.
Price of related goods: The demand for a product is also influenced by the price of related goods, such as substitutes and complements. If the price of a substitute product increases, consumers will shift their demand to the cheaper product. Conversely, if the price of a complementary product decreases, consumers will increase their demand for both products.
Taste and preferences: Consumers’ tastes and preferences for a product can also impact the demand for that product. For example, if a product is perceived to be fashionable or trendy, demand for that product may increase, whereas if the product is perceived as outdated or unfashionable, demand for that product may decrease.
Demographics: The age, gender, and other demographic factors of consumers can also impact the demand for goods and services. For example, an aging population may increase the demand for healthcare services, while a younger population may increase the demand for entertainment and recreation products.
Consumer expectations: The expectations of consumers about future prices, income, and availability of goods and services can also impact their current demand for those goods and services. For instance, if consumers expect the price of a product to increase in the future, they may increase their demand for the product today.
Determinants of Supply:
Technology: Technology plays a crucial role in determining the supply of goods and services in the modern economy. Technological advancements can increase the productivity and efficiency of producers, enabling them to supply more goods and services at a lower cost.
Input prices: The cost of inputs such as labor, raw materials, and energy can significantly impact the supply of goods and services. If the cost of inputs increases, producers may reduce their supply or increase the price of their products to maintain profitability.
Government policies: Government policies such as taxes, subsidies, and regulations can also impact the supply of goods and services. For example, subsidies can encourage producers to increase their supply of certain goods and services, while taxes can discourage production.
Number of suppliers: The number of suppliers in a market can impact the supply of goods and services. If there are many suppliers, competition may be high, leading to lower prices and higher supply. Conversely, if there are few suppliers, they may be able to charge higher prices and limit their supply.
Producer expectations: The expectations of producers about future prices, demand, and availability of inputs can also impact their current supply of goods and services. For example, if producers expect the price of a product to increase in the future, they may reduce their supply of the product today.
In conclusion, the determinants of demand and supply are crucial factors that influence the behavior of consumers and producers, respectively, and determine the prices and quantities of goods and services that are traded in the modern economy. Understanding these determinants is essential for businesses, policymakers, and consumers to make informed decisions about their production, consumption, and investment choices.
The Determinants of Demand and Supply in the Modern Economy
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Content (worth a maximum of 50% of the total points) |
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30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
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10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
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7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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