Problem: Using the Internet, and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050 to 1,500-word paper in which you:
- Define Economics
- Define Microeconomics
- 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 as 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, and market prices of those products or services. Cite your references appropriately. If you used an electronic source, include the URL. Format your paper according to APA standards. Make sure all aspects are covered in the paper.