Demand: Law of Demand

     I'm just gonna talk about Substituting Demand. I can relate to this particular type of demand more personally because it seems to occur more often in my life than I realize.
     I come from a family that doesn't have a lot of money, so for us, grocery shopping is kind of difficult. Many can afford all types of food, such as different kinds of cereal, muffins, Chinese food, lopster, steak, and also lots of treats such as ice cream, cookies, and cake. But for us, cake and ice cream isn't always an option for us. So, for an alternative, we can still purchase milk and cereal, but what better way to replace something as sweet as cookies for a different kind of sweet?; fruit.
     That may not be much of an "alternative" or "substitution" for something like dessert, but for us, it meets our demand for something "sweet". I'm a HUGE fruit lover, plus it's low on fat! Haha!
     Fruit meets our criteria. So it works out. :)
     Now that I know what Substitution Demand is, I now can understand why we buy so much fruit! When we learned about it in class, this fruit thing is what first came to my mind.

     But how many people purchase fruit, and how much? And do we increase the amount of purchase for fruit? And do people purchase more candy and sweets than they do for fruit? Is fruit just as much of a (healthy) demand as it is for desserts?

Inelastic vs. Elastic

Demand, Demand, Demand! Blog #5

Complimentary Demand:

     Micheal Phelps tries out for hockey!
     "I have been wanting to join a hockey team for such a long time," Phelps says. "Course I'll still swim, but I think it'd be fun to do both!"
     Micheal has inspired many of his fans and others to practice hockey and join hockey lessons. Hockey sticks, and pucks sales triple, along with padding, helmets, ice skates, and mouth pieces.

Substitute Demand:

     Teachers strike! Teachers demand a higher income.
     Parents and family members have been worried for their children's and teen's education. In exchange, parents home school and sign their children up for online classes out of stress and worry.

Elastic Demand:

     Books at Borders Book Store double, which means the sales decrease. Less and less are buying books from Borders Book Store.

Inelastic Demand:

     The price of Life-Saving medications rise up! Yet the sales continue, despite the price. Costumers and consumers are still willing to buy them, because it's still a very important use.

   

Econ Demand Schedule for Prom Dresses

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Blog #3 - Market Economy

    The market economy for America seems to be a good system, but there are some disadvantages to it too. One that I feel most strongly about, in which I read in the Economics book pages 36 - 39 is health care. I feel that we should provide health care to more people, and make it more available for those who can't afford it. I feel really down when I read or hear about someone whom something bad happened to because they couldn't afford health care, which is extremely unfortunate. I feel that the government should work on making it less profitable for health care.
    However, if we did that, how would the police, firemen, street cleaners, ect. get a profit? I see how that can be important too.
    My mom's uncle owned 8 different companies throughout his life, so it never effected him badly when the market crashed. Even now when we're in the recession, he's doing fine. He's retired now, but owns like the largest house in Blackbutte (with an elevator, 5 balconies, theater, ect.) plus another expensive condo down in LA.


    Could they take more taxes out of people's paycheck for more affordable services from the government?

Blog #2 Opportunity Cost

    There has been many times in my life where opportunity costs has come up. However there was a big one that involved a vacation trip.
     We struggle with money at home, (my mother and I) and last year during my junior year, my mom wanted to go to Denmark to visit the other half of our family. My mother has met them before, although I haven't. I've seen pictures of them, and we've received letters (in Danish, of course) from them, but that's all. My mom wanted me to meet them for the first time and also vacation there since we haven't gone on a vacation since I was seven. However, since we struggle with money already and college is coming just around the corner for me, we decided against the European experience because we had to save. I would've liked to go, and see the Little Mermaid and see the place where my grandpa grew up, but unfortunately that may have to wait till we can afford it.
     Because of this decision, we now have some money to go to college and not worry about it, along with my future and my career-like classes that I can study to get a job. However, I have delayed that time to visit my own Danish family, which is rather unfortunate because if I wait till later, some of them may pass and I will not get the chance to meet them.

Scarcity, YO!!

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        The scarcity in my life and home is space. As a teenager, I would know when and why a teen would want or need space, and if they don't receive that, it can make them feel trapped, squished, and annoyed. I only live with one parent, but I guess it can take just one person to make someone feel that way. I'm always needing space and independence, especially since I'm going to be 18 in just a couple months!