Basic Concepts Paper

University of Phoenix

Applied Economics in Business

ECO 415

Basic Concepts Paper

The simulation of demand and supply goes over the basic concepts of the applied economics. One of the goals the simulation demonstrates is how to get to the equilibrium point and how the Good-life Management property managers of the two bedroom rental market in Atlantis does this. Population and Pricing has affected the demand for the two bedroom property market in Atlantis. Considering the future growth over the next nine years affects the supply of two bedroom apartments. Looking over the simulation it demonstrated several scenarios of the changes in supply and demand that could affect Good-life Managements over all well being.

How do changes in the business environment cause...