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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    Sounds Like Bell Labs

    Nov 15, 11 • 427 Views • No Comments

    Google has a “secret” lab. Called Google X by the NY Times, it sounds like the old Bell Labs. Before 1984, when AT&T was a monopoly, their research subsidiary Bell Labs employed a battalion of scientists. For some, the assignment was just to......  [read more]

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    European Ties

    Nov 14, 11 • 487 Views • No Comments

    How to picture the US/European economic partnership? You could think of Skippy Peanut Butter. Owned by Unilever, a multinational based in the UK and the Netherlands, Skippy’s peanuts are grown primarily in Georgia and Texas, shelled and sorted here, and......  [read more]

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    Presidential Wagers

    Nov 12, 11 • 380 Views • No Comments

     Looking at the University of Iowa GOP Iowa Caucus Market, you could create these headlines: “Gingrich gains.” “Cain crashes.” Perry plummets. Romney remains. With quotes indicated every 15 minutes, the University of Iowa......  [read more]

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    Car Rentals and Cuban Houses

    Nov 11, 11 • 519 Views • No Comments

    Have you ever washed a rented car? Former Treasury Secretary Lawrence Summers tells us that, “In the history of the world,” no one has. For rental cars and Cuban houses, lack of ownership is the common denominator. When Fidel Castro took control......  [read more]

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    Surprising Biofuels

    Nov 10, 11 • 390 Views • No Comments

    McDonald’s used fryer grease? Alaska Air might want it. On 75 commercial flights, they will partially fill their tanks with biofuels that contain used cooking oil. Selecting algae for its biofuel blend, United flew from Houston to Chicago on its......  [read more]