Economics: in simple terms

I know at some point in our lives we need to buy something.  More often than not nowadays we sit down, open up our phone and head to Amazon to buy that new video game you have been wanting for a while.  The place you just bought that game from my friend. It’s the market.  Markets are a very complicated system where only the highest IQ individuals can understand what is happening.  Nah, I'm just joking, they are pretty simple, and when I mean simple, I mean you 7-year-old brother who plays Roblox on his iPad might understand what it is.  They are just a place where buyers buy a product or service, hence the name, and sellers sell their product or service, hence the name again.  Simple right?  Anyway, there are different types of markets. Some of these them are organized where there is set place, price, and time for everything to happen, however you probably are not going to be experiencing that much.  You are going to be experiencing something less organized like that good old local ice cream shop you love.  There they set their own prices, it's their location, and you can come in whenever you want.  In other words, they are free to do want they want.  However, there isn't going to be just one ice cream shop in a city.  I bet you can list 3 ice cream shops in the city of troy right now.  So, all these shops are trying to get ice cream lovers in the store by selling the same type of product.  You can see the connection that it has with sellers and buyers, and demand and supply.  Because let’s say your favorite ice cream raised the price of a large cookies and cream ice cream to $20 dollars.  I would bet you would be: "What the heck is this, im outta here, I'm heading to a different place."  So even though this market isn't "organized" both buyers and sellers use these things they have in their heads (brains) and create a market.  So that's a little rundown on how markets work, hope you enjoyed and see you next time.  



Comments

  1. derrick kimSeptember 28, 2024 at 11:19 PM

    Avi, I liked how you broke down the complexity of markets into something super relatable and easy to grasp. The comparison between organized markets and your local ice cream shop was insightful, and how the price change impacts buyer behavior. Also, the humor about even a 7-year-old Roblox kid understanding the concept while making your point was funny.

    ReplyDelete
  2. Ayaan DeolSeptember 29, 2024 at 2:16 PM

    I like how you used the information from the textbook and made it simple and easy to understand. Your informal examples showed real life application to the ideas and added humor along with context.

    ReplyDelete
  3. Alex DanialSeptember 29, 2024 at 6:39 PM

    I like how you used examples to teach your audience economics in a way that relates to them. Also it was a good idea to use a quote of what the reader might imagine themselves saying

    ReplyDelete

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