Micro economics Essay Example | Topics and Well Written Essays - 1000 words - 1

Micro economics - Essay Example Choice and revealed preference are two important factors affecting consumer demand Economic aspect looks at decision making of households. It is more concerned with demand and supply and the effect of changing prices on the former two. Marketing approach looks at not just the impact of price but also of promotions, advertising, distribution, branding etc. Economic concepts hold the condition of cetrus paribus (all else held constant). They assume that the consumer is rational and will not make un practical decisions. The marketing aspect includes the effect of emotions, feelings, point of purchase advertising material etc. They assume that the consumer can be affected something as small as the music being played in a shop. They assume that consumers can even make irrational decisions as according to the concept impulse buying. Economics is all about making choices. People make choices because they cant have everything they want. Whenever a choice is made, something is given up. The opportunity cost of that choice is the value of the best alternative given up. People whose wants are satisfied by using goods and services are called consumers. To make efficient decisions - decisions that provide the greatest possible return from the resources available, people and society must weigh the benefits and costs of using their resources to do more of some things, and less of others. The Economic approach goes into the demand and supply details. It looks at household buying power and savings. It also looks at spousal control in household buying decisions. The decision making framework (under uncertainity) is characterized as Consumer economics is also included in this area of economics. It is a broad field, principally concerned with microeconomic analysis behavior in units of consumers, families, or individuals (in contrast to traditional economics, which primarily government or business units). It sometimes also encompasses family financial planning and

Exam I Essay Example | Topics and Well Written Essays - 1500 words

Exam I - Essay Example The Mexican civilization decided to learn from the ancient Toltec. For Aztec, the Toltec were the origins of all cultures. There were several mythologies for Aztec because they had combined several traditions with their own earlier traditions. This resulted in the formation of diverse culture in Mexico. The Ixtlilxochitl’s legend is one of the most important and complete creation in Mexican mythology. According to the myth Lord is the one who created the universe, stars, animals, mountains and humans. The mythological stories created by the Mixtecs are also important in the origin of Mexican mythology. It mainly describes about the isolation of people of the Southern part of Mexico. Apart from them the Mexican Noah and the Sacrificed Princess are some other important mythologies of Mexican origins. The Mexican Noah describes about the destruction of the world due to evil nature of humans. On the other hand the sacrificed princess describes about the ritual of sacrifice. The Fugitive Prince is another Mexican mythology that describes about the greed and self-survival nature of humans. The political advancements are clearly visible from this mythology. There are several other mythologies that have built up the Mexican beliefs. The most important part of the Mexican mythology i s unity in diversity. Despite the existence of several civilizations and cultures the pattern of worship is almost similar. The Huitzilopochtli is the best example of Mexican mythology that proves the common patterns of the Mexican beliefs. It is about the rising up of the skies of the South and it is surrounded by trees, divination symbols, temples and patterns. The Aztec mythology is the collection of myths of Central Mexico and Aztec civilization. Mictlantecuhtli and Quetzalcoatl are the two Gods worshipped by the Mexican people as the God of