The number of owners of mobile phones has grown rapidly and hence the Essay

The number of owners of mobile phones has grown rapidly and hence the demand for mobile phones has also grown rapidly. Yet the prices of mobile phones have fallen. Why Explain using relevant diagrams - Essay Example However, in the mobile phone market, the demand for mobile phones increases as the price of the mobile phones decreases. This can be attributed to various reasons. Begg et al. (2011) notes that, for there to be an increase in demand, there have to be a change in one or more of the demand determinants. An increase in demand will in turn cause a shift to the right of the demand curve. When there is a shift to the right of the demand curve, the markets equilibrium will be disrupted thus causing a temporary shortage of the product being demanded. The temporary shortage created is eliminated with an increase in price of the product. However, in the mobile phone industry, there has been an increase in demand and a decrease in their prices. This can be attributed to various factors (Research and Markets 2011). Sloman & Garratt (2010) posits that an increase in demand of mobile phones can be caused by an increase in buyers’ income. When the level of income of the buyer increase, the buyer gets more money to spend on a certain commodity, which they are interested in. this happens when there is an increase in the income for a normal good. Moreover, an increase in demand for mobile phones can be attributed to a decrease in income of the buyer for an inferior good. Moreover, an increase buyer’s preference on mobile phones against other communication gadgets has caused a shift in the demand curve for mobile phones. Mobile phones are preferred since they are easier to use and results to instant feedback as compared to earlier means of communication such as letters. Moreover, mobile phones are preferred since they are cheap to afford as well as offers flexible means of communication (Mobile Promotions Market 2012). Mobile phones have gained consumer confidence in that the advanced systems allow the user to make audio-visual calls. Furthermore, mobile phone industry has experienced a boom in sales due to inflexibility of its competitors. For

Science Essay Example | Topics and Well Written Essays - 2500 words

Science - Essay Example Inrecentyears,acompletely new field of technology has developed from advances in the life sciences. Known as biotechnology, it involves such varied activities as genetic engineering, the manipulation of genetic material of cells or organisms, and cloning, the formation of genetically uniform cells, plants, or animals. Although still in its infancy, many scientists believe that biotechnology will play a major role in many fields, including food production, waste disposal, and medicine. Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants. We can say, therefore, that economics, often referred to as the "dismal science", is a study of certain aspects of society. Adam Smith (1723 - 1790), the "father of modern economics" and author of the famous book "An Inquiry into the Nature and Causes of the Wealth of Nations", spawned the discipline of economics by trying to understand why some nations prospered while others lagged behind in poverty. Others after him also explored how a nation's allocation of resources affects its wealth. (Investopedia) What is the relevance of studying economics Alfred Marshall enumerated the following as reasons for the study of economics: a. Students need to develop economic ways of thinking and problem solving that they can use in their lives as consumers, savers, entrepreneurs, investors, workers, citizens, and participants in a global economy; b. Economics creates a more vivid understanding of costs and benefits than any other subject; c. Students who do not appreciate the accomplishments of a market economy will not work to preserve it; d. Students must understand economics to become productive members of the workforce; e. The case for economic literacy is the case for democracy itself. If war is too serious to be left to military professionals, economic understanding is too important to be left to economists;. SCIENCE Science is systematicstudyof anything that can be examined, tested, and verified. From its early beginnings, science has developed into one of the greatest and most influential fields of human endeavor. Today different branches of science investigate almost everything that can be observed or detected, and science as a whole shapes the way we understand the universe, our planet, ourselves, and other living things. Foralargepartofrecorded history, science had little bearing on people's everyday lives. Scientific knowledge was gathered for its own sake, and it had few practical applications. Today, science has a profound effect on the way we live, largely through technology-the use of scientific knowledge for practical purposes. Otherfieldsofscience also play an important role in the things we use or consume every day. Research in food technology