Every author has made it clear in fairly different manner that there is no proper definition on “Economics.” According to (Swann G, 2009), Ad Adam Smith and Alfred Marshall have discovered the concept of economics in a different and well-organized manner. Both the authors are of the view “Economics is the name of how to earn money and how to consume it” or Economics is the name of how to earn money and how to consume it.”
Economic mainly consists of two main types; microeconomics and macroeconomics. According to (Arnold, 2010), microeconomics is treated at the individual level while the macroeconomics looks at the whole country, under the sphere of economic there are a number of concepts: such as demand and supply. They are considered part and parcel of economic. Both demand and supply have a major role in economic; also they are essential concepts of economics. Almost every organization in the world uses them exceptionally and gives them much importance.
This assignment will mainly discuss the demand and supply. The purpose of choosing these concepts is to analyze them within the perspective of prevailing market. This assignment will also throw light on the structure of the market. On the basis of the article “Empowering is Just a FAD” written by Maloon, in 1997, the economic concepts have been selected.
With the making and commencing of I-Phone, the Apple Inc has presented a transformation in the technological industry. It is an American based multinational association whose headquarter is located in California, the joined States (US). The company deals in trading and consuming the electronics pieces and computer based programs. Apple fruit is in the list of Top emblems of the world. The business is extremely money-making with total revenue and ensnares income provision of US $ 170.910 billion and US $ 37.03 billion respectively.
The assignment is required to have maximum four points which have been highlighted in this analysis which are given below.
• The sales of the aggregation added abundantly able-bodied in an amount of 3 days in September 2012, as over 5 actor iPhone 5 Smart-phones accept been awash in three days
• The apprehension of the humans apropos the new product of I-Phone 5 is top
• Given the demand, Apple Inc is carefully watching any botheration or affair appear from the Suppliers that may arrest the assembly of their smart-phones
• Total Sale of I-phone in the ages of September, 2012 was 27 actor, which went to an akin of 46.5 actor in the ages of December 2012
In conclusion, the author has rightly said the high amount of suppliers of the products of the company will get increased in future. The author is expecting that Tim Cook, who is the CEO of the company, will certainly get better results regarding the amount of the supplies of goods.
Arnold, R. A. (2010). Economics. London: Cengage learning.
SABA, P. G. (2012, September 24). Reuters. Retrieved February 4, 2014, from Reuters website: http://www.reuters.com/article/2012/09/24/us-apple-iphone-idUSBRE88N0HL20120924
Swann, G. (2009). The Economics of Innovation: An Introduction. Chicago: Edward Elgar Publishing.