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Anything about Microeconomics Essay Example

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Anything about Microeconomics

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The malls have goods that are affordable for ordinary people in America. This has enabled the producers to prices their products cheaper because they are able to recover the cost of production by selling larger quantities of goods. The population of shoppers demonstrates that there is a ready market for goods and services.The activities of the business are made possible by the acceptability of the price mechanism that determines the prices of goods and services. The price mechanism helps in the determination of prices through the market forces. The law of demand says that prices increase when the demand is high and decreases when the demand falls. Moreover, the forces of demand are influenced by many factors among them the availability of supply. Increase in the supply of goods in the market decreases demand, and a decrease in the supply in the market increases the demand for goods and services (Krugman and Wells 1). Therefore, the prices that buyers accept as the highest they can offer for a good and the minimum price that the supplier can accept to exchange the goods or service is what is referred to a the equilibrium price. The pricing mechanism has taken root, and it has become easier for people to buy and sell without having to spend time negotiating for the equilibrium price.However, not all what is happening in New Jersey that was possible during the colonial period. In 1776, there was none of the shopping mall available in major towns today. During that time, there were few available goods, and people needs were also minimal. However, the current society has added value and have produced differentiated goods and services. This ensures that people make choices of their needs that match what they can absolutely afford. Therefore, people can only buy a portion of products and leave the others for other people. The coordination that makes the New Jersey City with the set of shopping malls which are full of products and customers is what economics entails. It is the economics of household and firms that match so properly that there no single complain of unavailability of products or report of spoilt products as a result of lack of consumers (Krugman and Wells 2). The United State is a free market economy, and it is the role of producers to know how much to produce given the available market within it reach.

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