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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    Surprising Biofuels

    Nov 10, 11 • 405 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]

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    The Future of Oil

    Nov 8, 11 • 395 Views • No Comments

    When will we run out of oil? A room full of pistachios might have the answer. In the first several pages of The Invisible Heart: An Economic Romance, a teacher says you have been given a room filled 5 feet high with pistachio nuts. The nuts are free, you are......  [read more]

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    Frozen Jeans

    Nov 4, 11 • 498 Views • No Comments

    Being a responsible citizen of the earth might mean freezing your jeans. According to Levi’s, one pair of jeans, from its inception in the cotton field to its demise in the recycling bin, uses over 900 gallons of water. To reduce the climate change......  [read more]

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    Are You A Good Investor?

    Nov 3, 11 • 418 Views • No Comments

    Good investing takes us to our emotions. But not quite how you might expect. Our brains don’t like random events. Instead, we prefer patterns, especially pleasing patterns. For basketball, that means streaks. According to one statistical study of the......  [read more]

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    The Seven Billionth Baby

    Oct 29, 11 • 348 Views • No Comments

    On October 12, 1999, according to the United Nations, the 6 billionth person (approximately) in the world was born. At the time, the UN projected the arrival of number 7 billion during 2013. Now though, the due date has been changed to this Monday. With 8 and......  [read more]