Write a 700 - 1,050-word paper in which you do the following:
1. Define economics
2. Define microeconomics
3. Define the Law of supply
4. Define the Law of demand
(For each of these terms, use the text and cite the page where you found the definition).
Analyze the basis for the trends in consumption patterns as discussed in the article. Choose an industry that has seen its pricing and marketing patterns affected by the Internet and in your analysis of the article, talk about your selected industry as you consider
1. The utility derived from the products as sold on the Internet
2. Describe what has occurred to change the demand for, or the supply of, the good or service because of the Internet
3. Market prices of those products or services and how they've been affected by the Internet.
Answer will be sent by email as attachment.
