Term Definition Paper
Economics is used in almost all aspects of life. It is about choice and decision making. We need to know economics so we can understand how to live and exist in our world today and understand how the business world functions. As the concept of economics is discussed, many terms are used to describe how economics works in the real world. These terms will be defined so that they will be understood throughout the discussion of the economy and market demand. Today, cell phones, DVDs, digital cameras, high-speed Internet connections, and iPods are found in many households. Some of these products have greatly affected the way the economy works. Electronic communications and computer-based technologies have changed many businesses on dealing with clients and suppliers and the way they make their products or market them. The world is changing around us and not just with new technology or products but with people’s ideas, interests, or expectations. The iPod is a trend that is rapidly expanding and changing music consumption patterns. In this paper, terminology associated with economics and the iPod consumption patterns is presented.
Terminology
To help us understand the concept of economics, terms are defined and used to describe the economy and market demand. The terms break down the analysis of economics so we can better understand the direction our economy is going.
Economics
Economics is the study of how goods and services are produced, distributed, and used. The three central problems of economics are how many dollars to spend or how much to save, how much time to devote and resources to use to produce goods and services, and how to vote and shape the role of government in the world. Economics is used in almost all as ...