Human wants and needs connect to the character of the mouse. People are faced with difficult challenges in making choices between what to prioritize and what leave out among numerous wants and needs that pop out each day. This paper will connect on this phenomenon in relation to micro economics. Micro economics deals with the relation ship between buyers and sellers.
It is also concerned with the factors that affect it. Macro economics on the other hand IS concerned with the brooder national economy. First of all wants and needs can not be satisfied. Once a need has been addressed, it seems satisfied for that moment. After some times it represents itself again and require attention one more time. Needs like food require that a person keeps on satisfying them time after time. Wants are complementary in the sense that one leads to another. The mouse sows the need to have milk at his disposal once he was served with a cookie.
A need or a want may require another different want to be satisfied. The later is a subject of fulfilling a need. For example a person who buys a car will need to buy gas also else they may not satisfy their need to drive car. Wants vary with situations and time. Mouse needs changed with situations like when he saw a mirror he immediately wanted to have a shave.
Taking the boy to symbolize the economy, one will realize the obvious strain posed. First of all the boy has to keep on attending to the demands of the mouse.
Some times the economy is strained in delivering services with regard to numerous high demands; it may also not be in a position to serve all needs at its disposal.
The econ9omy must also be in a position to offer required services once they arise this are depicted in the boys character. He was always ready to attend to the mouse demands. The boy was only providing to the mouse which in return offers nothing in return. If households in an economy do not provide services to the economy, the economy must also not attend to its requirements since it would be equally impossible to sustain the economy.
The boy is not doing a single thing to help in provision of goods. If the boy exhausted all he had trying to serve the mouse, he would then end up with nothing for himself to spend leave alone the mouse Weintraub, , p. Use of resources Use of resources is crucial in an economy. Resources are supposed to be used apropriatly and when need arises. In order to make good use of resources it is important to carryout training to the general population.
It would not be wrong to assume that the boy had little if any knowledge on how to spend the little resources at his disposal. It is also important for the general public to know when to spend on a particular want or when not to spend. Economic developments can only be achieved if resources are used appropriately and the best is made out of them Farmer, , p. In macro economics, we also learn the various implications of house holds behavior to the whole economy.
If the economy is strained by the various wants it may end up becoming un able to provide to the house holds. Resources must be availed to enable the economy support the households. The boy was serving the mouse consistently yet there was no replacement of the goods he gave out. It implies that he could have got himself into a position where he could no longer have something to offer the mouse.
In fact the boys actions can be regarded an abuse of the economy Weintraub, , p. Concept of Demand and Supply: We know that a demand gives rise to the production and changes to the rate of supply.
The higher the demand, the higher is the supply and higher are the prices. It is an important economic parameter to establish the relationship between different parameters, such as production, inflation, and cost, etc. It is the rate at which things get costlier every year. It is important to keep a check on inflation to balance the Economy of the country.
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Mean while microeconomics and macroeconomics are relatively interlinked. For micro economics, the ease of supplying goods and services depends on the general investment and activities in the whole economy. Meanwhile the total performance of macro economics is a subject of the total activities that take place in micro economics . Database of example economics essays - these essays are the work of our professional essay writers and are free to use to help with your studies.