Demand Headlines

Complementary Demand: PlayStation 4 Plays up Interest, Price and Consumers feel Played with Increased Game Prices
Supplementary Demand: Samsung Takes a Bite out of Apple Sales with Apple Price Hike
Elastic Demand: Revlon Nail Polish Prices Soar, Cheaper Competition Covers New Base of Consumers
Inelastic Demand: Water Prices Tap into Wallet, Consumers still Drink Bitter Deal

Article for Inelastic Demand - Mapleview, Oregon - I am currently at the home of the Tabor family, one of the many families that must swallow the new price increases on water utility this week. The city of Mapleview had decided after a bitter meeting and close vote to implement these new price hikes on water utility. However, the people affected by this increase express anger and have been speaking out in order to draw attention to the issue they feel has been unfairly forced upon them. Speaking with Mr. Tabor, I lean that despite the unrest over the water prices, the Tabor family will most likely continue to use roughly the same amount of water they did before the price increase. Asked why, Mr. Tabor replied "what else can we do?"indicating that consumers will pay for this resource despite its increased cost.

Demand and Utility

1. Movie: the utility of this good is the entertainment value that will occupy my attention.
2. Coffee: the utility of this good is that it will keep me awake as I try to finish my History IA.
3. Gasoline: " " fuel for my car in order to transport myself, others, or to make trips to stores.

Market System

I mostly approve of the  current market system implemented in the USA. The concept of supple and demand provides the vast majority with items or services they desire, and the lure of profit has refined and improved many goods and services. Additionally, the market responds to our - the consumers - needs and can change to and adapt to our tastes or interests. However, the more out-for-the-profit mindset leads businesses to neglect needs that only a small portion of the population possesses. In this way, the market system of the USA is playing into an economic survival game which leaves the unfortunate few high and dry whose needs are specific and require funding and special manufacturing, such as rare medical conditions wherein research grants are not provided due to the scarcity of demand as compared to the abundant need from consumers with more common conditions. Yet, the USA has attempted to correct these oversights with government programs and funds; it is important to note that while this appears to be an altruistic decision, public opinion which advocates equal treatment means the USA might lose market demand if knowledge of their negligence is made widely known, signifying their actions are again motivated by profit, perhaps even the profit of public contentment.

Opportunity Cost

Yesterday, I was faced with the decision to either buy a $1 candy bar (as part of my school's fundraiser) or spend the $5 I currently had to sign up to participate in the IB Dessert. Yesterday was the last day that students or parents could pay to attend the IB Dessert, so my choice was either to get the candy bar - effectively preventing me from purchasing the IB Dessert ticket as I would have an inadequate $4 - or get the ticket which would leave me with no money to buy the candy bar. I chose to spend my money on the IB Dessert (what a good student) and forfeit the candy bar. With the IB Dessert ticket purchase, my opportunity cost became my obtaining of any candy bars that were for sell that day.

Scarcity

This is Rosemary Focaccia bread, one of my favorite foods! Whenever we get this from the store, it goes quickly because it is a popular food item in our household. Therefore, this is a scarce resource for me and I always try to eat as much as I can before it disappears.