Module 1 - Background
Market Behavior

PowerPoint Presentation:
Key Economic Terms and Concepts
Required Readings:
Amos, O. (n.d.). A brief introduction to get you started. A Pedestrian's Guide to the Economy. Retrieved February 25, 2009 from:
King, W. (1999). Chapter 1: Economics: A reasonable dialogue. Essential Principles of Economics: A Hypermedia Text. Drexel University, Philadelphia, PA. Retrieved February 25, 2009 from:
King, W. (1999). Chapter 2: The neoclassical perspective. Essential Principles of Economics: A Hypermedia Text. Drexel University, Philadelphia, PA. Retrieved February 25, 2009 from:
Reynolds, R. L. (2005). Chapter 1: The Nature of Economics Alternative Microeconomics. Boise State University. Retrieved February 25, 2009 at:
Smith, H. (2001), Adam Smith and the Invisible Hand, Millennium Mathematics Project, University of Cambridge. Retrieved February 25, 2009.
Optional Reading:
If you'd like to sample how another course works, check out Dr. Glen Platt's ECO 201, Principles of Microeconomics course. Click on "The Classroom" to get access to a set of interesting presentations on various topics.
The Resources for Economists page always has interesting and current links to follow up.
Economics on the Web always has interesting current links as well.
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If you do not feel comfortable using our TUI virtual library, please visit our library tutorial and contact [email protected] if you have questions.
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...s were not clear to me at that time. Now I have the opportunity of applying the economic terms related to market to the marketing effort of the organization for which I work.

2. Pick 3 of the economic terms presented in the PowerPoint Slides that apply to your organization. What are they? Explain how each applies to your organization.
Economic terms related to three topics seem directly applicable to my organization. These are demand, supply and equillibrium. Each of these terms directly apply to my organization. In economics demand is the ability and the willingness of the customer to buy a particular product at a specified time. The law of demand states that consumers will buy more of a product when its price decreases and less when is price increases. I have seen in my organization, when the stock of a certain machine tool increases, the salespersons are told to give higher discounts and within a couple of weeks the stock is disposed off.
Similarly, in the law of supply there is a propensity of suppliers to proffer more of a product at a higher price. There is a positive relationship between the quantity supplied and the price. An increase in price leads to an increase in supply. In my organization, I have seen that the product whose price has increased is produced in larger quantities. For example, one month the production of drilling machines was doubled, when I enquired about the increase in production of drilling machines, I was informed that ...