Consumption Patterns and Economics
Introduction
In order to get a better understanding of trends in consumption patterns, one must first understand the basic principles of economics. For the purpose of this assignment I have chosen an article from The American Journal of Clinical Nutrition that comments on the recent increase in body weight and food consumption patterns of today’s children. This paper will define such terms as economics, microeconomics, the law of supply, the law of demand, and identify the factors that lead to a change in supply and a change in demand. This paper will also summarize the article and explain the basis for the trends in consumption patterns as discussed in the article and describe what occurred to change the consumption patterns of individuals in their childhood years.
Economics
Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political reality of the societies” (Colander, 2008). Economics is the science which deals with the production and distribution of products as well as the consumption of such products. It also studies normal human behavior in the attempt to fulfill individual’s wants and needs. Alfred Marshall, author of The Principles of Economics said it best when he defined economics as, “Thus it is on one side the study of wealth; and on the other, and more important side, a part of the study of man” (Investopedia, 2009).
Microeconomics
Microeconomics is one of the branches of economics that analyzes market behavior, and that focuses on understanding the decision making process of firms as well as households. Microeconomics “is the study of individual choice, and how that choice is influenced b...
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...lander, D. C. (2008). Economics (7th ed.). New York, NY: McGraw-Hill Irwin.
St. Onge, M. P., Keller, K. L., & Heymsfield, S. B. (2003, December, 2003). Changes in childhood food consumption patterns: a cause for concern in light of increasing body weights. The American Journal of Clinical nutrition, 78, No. 6, 1068-1073. Retrieved January 11, 2009, from http://www.ajcn.org/cgi/content/full/78/6/1068
Investopedia, 2009. Retrieved on January 11, 2009 from,
http://www.investopedia.com/university/economics/economics3.asp
Investopedia, 2009. Retrieved on January 11, 2009 from,
http://www.investopedia.com/terms/m/microeconomics.asp
Investopedia, 2009. Retrieved on January 11, 2009 from,
http://www.investopedia.com/search/searchresults.aspx?q=law+of+supply
Investopedia, 2009. Retrieved on January 11, 2009 from,
http://www.investopedia.com/terms/l/lawofdemand.asp
It is apparent that living an unhealthy lifestyle, as well as eating poorly, negatively affects one’s health. From a young age it is quickly learned which foods are considered healthful as opposed to junk food. It is a parents responsibility to supervise the intake of their child's food, however there is a higher risk than ever before of childhood obesity.
Seldom do individuals realize the significance of acquiring a proper understanding of economics as a whole, let alone any subfields that branch off of it. Every aspect of economics is relative to another within itself, much like the roots of a tree are relative to the leaves or fruit that it bears. Attempting to distinguish between micro and macroeconomics in terms of significance to the real world is unavailing. Having a formal comprehension of this science begins with the principles and theor...
To understand the world we live in today, we need to understand what economics is and where it came from. Economics is the social science concerned with the production and consumption of goods, services, and the analysis of the commercial activities of a society. Economics also deals with the choices we make to fulfill our wants and needs and how we spend and invest our money. It is split into two main parts known as macroeconomics and microeconomics. Macroeconomics is the study of national or international economies while microeconomics studies individuals or firms within the economy. Adam Smith is widely known as the founding father of modern day economics, but it is actually an Irish banker Richard Cantillon. Richard Cantillon wrote his book “Essai sur la Nature du Commerce en General" which translates to “An Essay on Economic Theory” in the 1730’s
Economics is a science that examines how the individual side of people made a choice. Viewed with or without the use of means of exchange (money) in order to utilize scarce resources in producing a range of goods and services, and distribute it among them for consumption purposes, at present or in the future, among various individuals and community groups ( Samuelson, 1979). From the description of proficiency level, there is one thing that the main problem faced by humans in all fields of harnessing everything or scarcity. That's the main problem, was born two underlying reasons for the presence of economics as the study of human behavior. First, the limited resources for life, society, organizations and individuals. Second, the fact that the needs (needs) and desire
Schwartz, M. B., & Puhl, R. M. (2003). Childhood obesity: A societal problem to solve. The International Associaition for the Study of Obesity: Obesity Reviews, 4, 57-58-71.
It is the study of resource allocation, distribution and consumption, of capital and investment, and of the management of the factors of production. (http://wikitionary.org/wiki/economics)
Obesity is the condition of being overweight, childhood obesity is now consider a major factor that leads to long and short term health effects. This disease is linked to many problems such as bone and joint problems, sleep apnea, and social and psychological problems such as poor self-esteem according to the Center of Disease Control Prevention. Obesity is more likely to happen because of a poor diet and little to no physical activity. Children from ages 5-18 cannot control what is being feed at home and school. Their food habits are based on what parents and schools can provide. According to the Dietary Guidelines for Americans, in the year 2010 nearly 15 percent of American households were unable to acquire adequate food to meet their health needs. Parents cannot afford to feed their families with healthy foods, if the school system would provide at least two healthy meals: breakfast and lunch, kids would be receiving about half of the nutrition required to live a healthy life. School systems have the power to invest in healthier lifestyle by simply changing the menu. The school...
Economics is the study of how best to allocate scarce resources throughout an entire market. Economics affect our lives on a daily basis, whether it is on a business level or a personal level.
Managerial economics fits into the topics discussed because this is an area that gives explanation on how resources such as money, technology, land, and labor. It looks on how all these resources should be allocated in a more efficient manner. By understanding managerial economics it is possible to make the right decision regarding all the above topics. The managers have the ability to apply managerial economics to make strategies and solve critical business problems (Rowe,
Economics is defined as is the social science that studies the production, distribution, and consumption of goods and services. It primarily deals with the exchange of value and that labor or human effort is the source of all value. The field may be divided in other ways, most commonly microeconomics vs. macroeconomics. Microeconomics examines the economic behavior of individual units, including businesses and households, and their interactions through markets, given scarcity and government regulation. Macroeconomics examines an economy as a whole "top down" with a view to understanding interactions between the broadest aggregates such as national income and output, employment and inflation and broad aggregates like total consumption and investment spending. Econometrics is the application of statistical techniques to measuring economic phenomena.
Economics is basically the understanding of how different economies function. Economics is the study of how to best allocate scarce resources among competing uses. Scarcity in the economy is the main problem. There are not enough resources to keep up with the demand for them. Within the discipline of economics, there are two areas of study: Micro and Macro Economics.
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
What is Microeconomics? This question was left unanswered when I initially enrolled in this course. Microeconomics is the social science that studies the implications of individual human actions, specifically about how those decisions affect the utilization and distribution of scarce resources. Microeconomics shows how and why different goods have different values, how individuals create more efficient or more productive decisions, and how individuals best coordinate and cooperate with one another. Microeconomics does not try to explain what should happen in a market, but instead only explains what to expect if certain conditions change. For instance, If the price of the new iPhone 8 is higher than the previous model will the consumer buy it? There are several elements that will play into getting an answer for this question, but gives you a general idea of what microeconomics entails.
According to McGutgan and Moyer: “Managerial economics is the application of economic theory and methodology to decision-making problems faced by both public and private institutions”. McNair and Meriam: “Managerial economics consists of the use of economic modes of thought to analyze business situations”. Spencer and Siegelman: Managerial economics is “the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management”. Haynes, Mote and Paul: “Managerial economics refers to those aspects of economics and its tools of analysis most relevant to the firm’s decision-making process”.