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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)...
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