Question:
Using the Internet and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050-1,400-word paper in which you:
Define economics
Define Law of Supply
Define Law of Demand
Identify the factors that lead to a change in supply and a change in demand
Analyze the basis for the trends in consumption patterns discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, market prices of those products or services. Be prepared to discuss this assignment in class.