The Role of Information in Shaping Demand and Supply
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 Role of Information in Shaping Demand and Supply
Information plays a crucial role in shaping demand and supply in any economy. In fact, it can be argued that information is one of the most important factors in determining the level of demand and supply for goods and services. This is because information helps consumers and producers make more informed decisions about what to buy and produce, respectively. In this essay, we will explore the role of information in shaping demand and supply in more detail.
Demand and supply are two of the most important concepts in economics. Demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price, while supply refers to the quantity of a good or service that producers are willing and able to offer for sale at a given price. The interaction of demand and supply determines the market price for a good or service.
Information affects demand in several ways. First, it can influence consumers’ preferences and tastes for goods and services. For example, if consumers are provided with information about the health benefits of a particular food product, they may be more likely to demand it, leading to an increase in the quantity demanded at a given price. Conversely, if consumers are provided with information about the negative health effects of a particular food product, they may be less likely to demand it, leading to a decrease in the quantity demanded at a given price.
Second, information can affect consumers’ expectations about future prices. For example, if consumers are provided with information about an impending shortage of a particular good, they may be more likely to demand it now, leading to an increase in the quantity demanded at a given price. Conversely, if consumers are provided with information about an impending surplus of a particular good, they may be less likely to demand it now, leading to a decrease in the quantity demanded at a given price.
Third, information can affect consumers’ knowledge of prices. For example, if consumers are provided with information about the prices of different brands of a particular product, they may be more likely to switch to a cheaper brand, leading to a decrease in the quantity demanded of the more expensive brand at a given price.
Information also affects supply in several ways. First, it can influence producers’ decisions about what goods and services to produce. For example, if producers are provided with information about the increasing demand for electric cars, they may be more likely to produce them, leading to an increase in the quantity supplied at a given price. Conversely, if producers are provided with information about the decreasing demand for gas-guzzling cars, they may be less likely to produce them, leading to a decrease in the quantity supplied at a given price.
Second, information can affect producers’ decisions about the level of production. For example, if producers are provided with information about the cost of producing a good or service, they may be more likely to increase or decrease production, depending on whether the costs are increasing or decreasing. This, in turn, can affect the quantity supplied at a given price.
Third, information can affect producers’ decisions about pricing. For example, if producers are provided with information about the prices of competing products, they may be more likely to adjust their prices accordingly, leading to an increase or decrease in the quantity supplied at a given price.
In conclusion, information plays a crucial role in shaping demand and supply in any economy. It affects consumers’ preferences, expectations, and knowledge of prices, as well as producers’ decisions about what to produce, how much to produce, and at what price to sell. Therefore, it is important for policymakers, businesses, and consumers alike to recognize the importance of information in shaping economic outcomes and to make efforts to ensure that accurate and relevant information is readily available to all.
The Role of Information in Shaping Demand and Supply
RUBRIC
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Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
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). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
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. |
Grammar (worth maximum of 20% of total points) |
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10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
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3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
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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