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Consumption Patterns and Economics Essay

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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...


... middle of paper ...


...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


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