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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    Chinese Marriage Markets

    Apr 17, 11 • 274 Views • No Comments

    A typical young Chinese woman is looking for a husband who owns a home. Probably, she will find one because China’s single child policy and tendency toward male preference have resulted in massive gender imbalance. With so many more marriageable men...  [read more]

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    Coupon Economics

    Apr 16, 11 • 280 Views • No Comments

    When Starbucks raised its prices during the beginning of 2010, it lowered the price of a tall regular to $1.70. But, if you wanted a splash of foam, a shot of espresso, or a touch of flavor, the addition could be expensive. For a triple grande soy vanilla...  [read more]

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    Geography Matters

    Apr 15, 11 • 251 Views • No Comments

    According to Harvard economist Ed Glaeser, big US cities deserve our attention. Rather like a ripple, first, as ports, they attracted commerce. Commerce led to more affluence. The affluence brought more people. The people wanted better education. Better...  [read more]

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    Baseball Salaries and Taxes

    Apr 14, 11 • 232 Views • No Comments

    There is a connection between baseball and President Obama’s budget proposals. Let’s start with USA Today’s baseball salary database. For 2011, at $32 million, NY Yankees’ 3rd baseman Alex Rodriguez earns the most; #2 is LA...  [read more]

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    The Price of Rice

    Apr 13, 11 • 257 Views • No Comments

    What would make you switch what you eat every day? The Indonesian government is using an ad campaign to try to get people to change their daily diet. Their slogan is, “One Day No Rice.” With per person consumption at 275 pounds of rice a year,...  [read more]