"Demand Headlines"

1. Demand for Complementary Goods/ Services: "Taylor Swift gets dumped again, too depressed to show up to launch of new eyeliner/ mascara line."

2. Substitute Demand: "Goat foot found in coca cola drink, pepsi sales rise dramatically!"

3. Elastic Demand: "Bridgeport movie tickets rise to $100 a ticket, sales have never been so low!"

4.  Inelastic Demand: "Medicine prices rise a mother load, but cough cough, sales stay the same!"

Medicine is a solid example of a product that

is in inelastic demand because no matter how expensive it may get, people will continue to purchase it as they continue to get sick. Also, there are many different types of medicine used for a numerous amount of sicknesses and everyday needs. A product that is in elastic demand is not an essential to a consumers life, but as an inelastic demand item, medicine is most definitely an essential and unless people want to go through life constantly sick, they can not just give it up if the price were to increase, instead they would have to make sacrifices in other areas of there lives to pay more for their medical needs. For example, if the price of medicine did increase to say, twenty dollars per bottle of cold medicine, the consumer would most likely end up having to give up going to see a movie or getting a pedicure that day because of the financial necessity that is medicine. Medicine can not simply be given up meaning no matter what the price, it will continued to be purchased, making it in inelastic demand.

"Demand and Utility"

1. Internet/ Electricity; In my life, I use electricity for pretty much everything. Starting from the time that I wake up in the morning I turn on my lights using electricty and I use it also to do my hair, cook my food, etc.

2. Driving (gas); In this next week I will need to drive myself to school, dance practice and other various locations. This is why I will need to utilize the resource that is gas this week.

3. Food; Food is an obvious necessity required by all people to function and live! If it were not for food people would not exist and it will definitely be in demand for me this week!

Markets

Personally, I support our economic system in the United States. This is mostly because in a market economy, people and companys are able to act in terms of their own best interest thus creating an overall happier and independent society. Also, all members of a community are involved in this kind of economy because there are different roles for everyone, creating a stable and continuous lifestyle. To add on to the first idea in this post, a market economy allows citizens to feel like they have control over their lives and their decisions. Lastly, in America, our economy is able to adjust to change at a rapid rate, which is a plus because our economic status is constantly changing. However, on a more negative side, because of this constant change, workers and businesses often are faced with uncertainty. Overall a market economy system is very positive but unfortunately has a few downsides.

Opportunity Cost

A few years ago, when I joined the dance team, I ended up giving up a lot of the social life that I had had previous to it. Slowly, I began to feel myself drifting from two of the girls that I was closest to prior to joining the team. They didn't really understand why I was always so busy and this created frustration and feelings of abandonment. Going in to trying out for the team I definitely knew what I would possibly have to give up but I still went for it. Now, the relationships that I thought were broken a few years ago are healed and there is a whole new level of understanding between the three of us. In conclusion, by joining the dance team, the opportunity cost was sacrficing the amount of time I had previously had to spend socially.

Scarcity

Scarcity

In my life, it is becoming evident that a quality college education is a scarcity. This is mainly due to the extremely high prices of college

 and my limited resources for money. My dream has always been to go out of state to attend a college known for my desired major, education, but it is looking like I will end up at the U of O, which isn't a bad choice, it's just not my dream!