Demand Reflection

http://vocaroo.com/i/s1QhPGDTHYKM

Annotated Bibliography

CENTRAL QUESTION: How has Oprah Winfrey had a positive economic effect on society and on the lives of so many underprivileged individuals?


SOURCE ONE: 

Kirkwood, Kyra. “Business Hero: Oprah Winfrey.” Business Heroes, Business Heroes, May 2013, 02:06 http://www.myhero.com/go/hero.asp?hero=oprahhero

This article focuses mainly on the different ways that Oprah Winfrey has been able to share her wealth over the years. First off, we are given an overview of Oprah’s career in the beginning stages as a reporter/anchor at WTVF-TV. This article then fast-forwards to Oprah’s climb to the top through the Oprah Winfrey Show and the ways in which this “American Icon of Joy” has inspired, educated and enlightened millions of people. Although Oprah’s own success is a large topic in this article, her MAJOR impact on charities mostly for women, children and struggling families is the main subject. For example, it is stated in this article that in 1993 a bill passed based on convicted child abusers. It is written that Oprah made the choice early on in her career to be a voice for any child unable to speak for themselves. She has exhibited this through her dedication to a better school system in South Africa and her belief in every child’s future.

In terms of my question, I will use this article to expand on Oprah’s charity work over the years and the fact that by making a difference in so many young kids lives, she is setting them up for a better economic future. We all know Oprah Winfrey is one of the wealthiest people alive. The difference with her though, is that she uses her money for noble purposes. In this article, Oprah’s influence on society is made pretty clear. Over the years she has raised millions of dollars for the sake of the underprivileged all the while running a talk show and network that has given voice and influenced so many individual lives.  I will also use the portion of this article that talks about her talk show to expand on the influence that she has had on society as it has grown along with her own career and continued wisdom.

SOURCE TWO:

"Oprah Winfrey." 2013. The Biography Channel website. Mar 12 2013, 05:03 http://www.biography.com/people/oprah-winfrey-9534419.

This article has the most details of Oprah’s charity work involving the Oprah Winfrey Foundation, in which she has awarded hundreds of grants towards the education of women, children and families in the U.S. and all around the world. She also created the Oprah Winfrey scholars program, which gives scholarships to students determined to use their education to benefit others. In December 2002, Oprah traveled to Southern Africa with her foundation and brought along with her food, clothing, toys, etc. Oprah also provided sixty -three schools with libraries and teacher education. Possibly one of her largest investments is also mentioned in this article and that would be The Oprah Winfrey Leadership Academy for Girls. Oprah’s main vision for this school is that the girls attending will become the future women leaders of South Africa.

            As this article focuses on the detailed aspects of Oprah’s charities, I will use it in my report to majorly expand on how she has effected the underprivileged. For example, through her scholarships, I will provide specific examples of the individuals and their situations that earned them these scholarships. I will also mention how it has helped to improve their economic circumstances and future. In addition, using this article I will expand on the school that Oprah constructed in Africa and the fact that she did this in order to secure a much more positive and successful future for the women attending. In regards to my question, I will tie this in to how Oprah has effected the lives of so many individuals and their economic circumstances.

             

 SOURCE THREE: 

"Measuring The Oprah Effect."  2013. Investopedia. Mar 12 2013, 02:18 http://www.investopedia.com/financial-edge/0410/the-oprah-effect.aspx#axzz2NMW6okji

This article contains information that can all be summed up in the title. Basically, it talks about the fact that Oprah has the power to make or break any kind of business, product, up and coming entrepreneur, etc. The article gives examples of people such as Rachel Ray, Dr.Phil and most surprisingly, the president, who are all in the positions that they are because of initially being exposed or endorsed by Oprah. This article also talks about the economic growth success of authors since Oprah Winfrey began her ‘Book Club.’ It states that by simply talking about one of her favorite books on her show, Oprah was able to turn an unknown author in to an overnight wealthy sensation.

            Throughout this article and the examples given, it is clear that my question of Oprah’s influence in the economic lives of others is covered. By introducing them to the world, Oprah single handedly has paved the way for countless amazing careers and economic success stories. Using this article for my presentation, I will talk about the effect that people such as Dr.Phil and the President have had on our society and the fact that we have Oprah to thank for them. I will also include details of different products and people endorsed by Oprah and exactly how she is able to do so.

Demand Wrap Up!

PART ONE

Utility: A term referring to the total satisfaction received from consuming a good or service
"John had a brilliant idea, he would create a product that would provide consumers with the ability to talk to people from different rooms and he would call it the cell phone!

 

Complementary Demand: Demand for a product that is generated by a product this is different but related in one way or another.

"The peanut butter was all of the sudden in very high demand as new flavors of jam became popular with a majority of the stores consumers."

Substitute Demand: A product or service that is able to satisfy the need or want of a consumer the same way another product or service is able to.
"The store was all out of pepsi, but she didn't mind buying coca cola instead because to her, there really is no difference."

Elastic Demand: Explains a product that has a price effect that is very strong. This means that if it's price were to change in either direction, consumers would either buy a ton of it, or stop buying it all together.
"They loved attending the theater, but when ticket prices shot up to $19.00 per person, they stopped going all together."

Inelastic Demand: Explains a product that has a weak price effect. This means that if the price were to change, the demand wouldn't change as well because of the necessity of the item.
"The price of her diabetes medicine rose dramatically but as it is vital to her health, she continued to purchase it."

PART TWO

PART 3:

Changes in the Demand Environment

Task One:

As mentioned before, the reason for the change in demand for broccoli on the graph is based off of the consumers taste and varied wants and needs. In the diagram and chart shown, it is clear that consumers for one reason or another end up demanding more broccoli over the course of the second month and therefore their willingness to pay considerably high prices shoots up. Reason's for the sudden desire for broccoli may include, a new health fad, specially invented spray on broccoli cheese, etc.

Task Two:

In this chart and graph, it is shown that over the course of the two months, the demand consumers placed on Microsoft products went down do to a more popular substitute for that product, Apple. It is clear that consumers during the second month are less willing to pay as high of prices for the Microsoft products.

"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.