Demand, Supply, and Markets

The ideas that explain how a market system functions, demand, supply and markets focus on consumer and business behavior. On the demand side, price is an incentive that encourages buyers to want more when low and less when high. On the supply side, with profit as an incentive, a higher price stimulates more production. Through examples, econlife looks at the countless individuals and groups composing the demand and supply sides of markets to see how price and quantity are determined.

  • How much should cities plan for the storm of the century?

    Stormy Issues

    Sep 1, 11 • 360 Views • No Comments

    For Hurricane Irene relief, the debate is again about the debt. Let’s start with the Congress. Expressed by Texas Representative Ron Paul, government should not play a role because “intrusive” bureaucracy” hinders local people and......  [read more]

  • 16580_7.12_000014562280XSmall

    On Time Again

    Aug 31, 11 • 405 Views • No Comments

    Have you ever thought about the difference that a clock makes? Described in The Geography of Time, a pre-clock world meant you could not say, “I will meet you at 12:30 for lunch” or “Your workday is 9-5.” By the 1820s, though,......  [read more]

  • 16584_11.12_000007395743XSmall

    Emerging Economies

    Aug 30, 11 • 471 Views • No Comments

    The world is shifting. More than one-half of the world’s car sales, mobile phone subscriptions and oil, copper and steel purchases came from emerging markets during 2010. Here you can see the same story through these export and import, global GDP, and......  [read more]

  • twins...back to back figures16582_6.30_000005521931XSmall

    Manufacturing Jobs

    Aug 28, 11 • 332 Views • No Comments

    Our story begins with M.I.T.’s lithium-ion battery research and then takes us to South Korea and China where the batteries are made. Next, in a surprising move, some of the manufacturing returns to the U.S. With $375 million in federal stimulus money......  [read more]

  • 16578_3.19_000010421717XSmall

    Steve Jobs and Joseph Schumpeter

    Aug 27, 11 • 693 Views • No Comments

    Henry Ford once said that consumers would have requested “a better horse” if he had asked them what to produce. Similarly, Steve Jobs told a reporter, “It’s not the consumers’ job to know what they want.” The result? For......  [read more]