Graphing Changes to Demand

Demand is know as the quantities that consumers are willing to buy per period of time of various prices. In this blog, demand will be discussed. Demand changes can be caused from different reasons. One is known as the price. For instance, if a pint of blueberries were .99 cents, the demand would increase because the price is fair and low. In the case that this pint of blueberrys were $4.99, demand would decrease because the price is too high.
I know what demand and supply means. Personal situations can involve demand such as grocery shopping. Let's say that because we all need tissue for our homes, we buy it often. I went to a drugstore today, and they had tissue boxes for .77 cents. This is cheap for the brand and how many plys the tissue have. The store had put a limit quantity on this product because if there was no limit, the demand would be too high and supply would be low. If there was no limit, there would have been unhappy customers since they never got a chance to purchase this item. This would then cause customers to not visit the store as often because they were unhappy with the situation.

Games about the Economy and Marketplace

After playing Diner City, I've noticed that there is a lot of competition in the economy. When I was playing this game, my competition had started with some decorations so more customers went to their restaurant. I then added lights and live music which attracted more customers. If another person were to play this game, I would recommend starting with some decorations then add live music and a menu board to let customers know what would be on the menu at your restaurant. This also demands more of what is on your menu, so your supply and demand would change. When selling products at a price, you have to think of what is in the cost. One would be the price you bought it for, and the second one would be labor costs. The price of your products should be able to cover these costs and also make a renevue at the same time.

Possibility Curve - ECON205

Learning about the economy can help us build a model of what it might look like. Figure 1.1 in our text illistrates the circular flow of our economy. In our economy, there are two sectors: the business and household sector. Even though this is our economy flow, our economy is more complex. Our next figures which are Figure 1.2, Figure 1.3 and Figure 1.4 in the text. These figures represent production possibility curves. In figure 1.3, we have identified the law of increasing costs. This means that when the production of a single item increases. the per unit cost of producing additional units will rise as well.

Some choices in life that are made are based on scarcity. Let's say we are grocery shopping in the winter, I do this on a weekly basis. We come across the produce section. We see some fresh cherries for about $4.50/lb. Of course this is far more pricey than usually because right now, cherries go for $1.99/lb. Demand could be higher for cherries in Winter because we don't usually get them. If we wanted to wait till summer time for cherries, it would cost us less and we could save money. If we were to buy cherries in Winter, we would be paying a higher price. We have the choice to purchase this in Winter and Summer. The choice is also to save or spend money.

When I went back to school, the one opportunity cost I gave up was being able to go out as often. To do good in school, I gave up hanging out with friends a lot, going to the movies and going out late. I think that this opportunity cost was a good one because it helped me stay in line in school.