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.

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    The Good Life…For Cows

    Dec 31, 11 • 408 Views • No Comments

    I suspect that the life of a cow producing organic milk got better last June. For their owners, though, business surely became more complicated. According to a new USDA rule, any milk labeled organic now has to come from a cow that spends much more time in......  [read more]

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    Are X-Men Human?

    Dec 30, 11 • 479 Views • No Comments

    The U.S. government had to decide whether X-Men are human. Our story starts with the U.S. Customs office. Included in a very long list of items that enter the U.S. are “dolls” and “toys.” According to Customs officials, any figure that......  [read more]

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    The Oreo Centennial

    Dec 28, 11 • 700 Views • No Comments

    Next year, we can celebrate Oreo’s 100th birthday. First sold in 1912, Oreos have been priced at: 1922: 32 cents/lb. 1934: 27 cents/lb. 1960: 45 cents/lb. 1991: $2.39/lb. 2008: $4.29/18oz. 2011: $4.29/16.6oz. Amazingly, according to the Bureau of Labor......  [read more]

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    Domestic Work

    Dec 27, 11 • 414 Views • No Comments

    What do drip dry clothing, take-out food, dog walkers, dishwashers, dry cleaners, and dusty ceilings have in common? A servant shortage. Currently, Brazil has less household help because of economic growth. Low income women who had worked and lived in the......  [read more]

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    Creative Destruction and the Independent Bookstore

    Dec 26, 11 • 467 Views • No Comments

    The buggy whip, the typewriter, and now, maybe the independent bookstore? In a NY Times Op-Ed, author Richard Russo criticized Amazon for business tactics that would harm independent bookstores.  He cited friends who said, “They don’t win unless......  [read more]