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The Effects of Supply and Demand on Society Upon starting Microeconomics in the fall I didnt have a clue as to what this class consisted of Over the past 6 weeks I have learned a lot about how the economy works Now I have a better understanding of the different factors that influence the supply and demand of a product When I think of supply and demand I think about popular gifts around Christmas time During holidays companies must make very important decisions to sell their product Last Christmas there was a popular gift on the market Sonys Playstation 2 Many people had this gift on their wish list because it was a hot commodity fresh on the market The suppliers knew about the high demand for this entertainment system and in exchange raised their prices dramatically because of the limited supply By raising their prices suppliers limited the amount of people who were willing and able to purchase this product Even though it was sold in stores for over 300 dollars they quickly sold out Many people who bought this product knew the great demand for it Soon it was in the paper for sale I saw the price increase as high as 600 dollars and people were still buying it After Christmas the demand for the Sony Playstation went down Stores stocked more on their shelves and since it was no longer the hot item the price consistently decreased Currently the price is somewhere around 200 dollars This is a prime example of the concept of supply and demand and how it affects a large portion of our society Because people have infinite wants and desires there will always be instances like this The famous Tickle Me Elmo is another example of the price that consumers are willing to pay when the demand is high In that case a doll that normally costs 30 dollars was sold for
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