Eco 405 Assignment 1 Article Analysis

U.S. automakers produce double-digit salesNameProfessor Diana BoninaECO405 – Econ Problems and IssuesJanuary 27, 2013Assignment 1: Article AnalysisEconomics is an important aspect of the economic development; it provides the world with information related to the supply, demand, and pricing of products and services. Economics also focuses on how money is made, lost, used, or misused. When the economy is thriving, it means the people are thriving, but when the economy suffers so do the people. Economics researches the needs and wants of consumers, and keeps track of product trends that help businesses, people, and the government to stay informed. Economics relates to the production, development, and management of material wealth, as of a country, household, or business enterprise. It is the social science that deals the production, distribution, and consumption of a product or service (Mirriam-Webster.com, 2013). Microeconomics is a branch of economics that studies the operations of the components of a national economy, such as individual consumers, firms, and industries. This is a study of the relationship between the consumer and the supplier based on various fluctuations in the market (Merriam-Webster, 2013). Specifically, microeconomics focuses