Eco 561

In: Business and Management

Submitted By araceli
Words 787
Pages 4
Economics Principals and Law of Demand Economics is the social science that examines how individuals, institutions, and society make optimal choices under conditions of scarcity, (McConnell, Brue, & Flynn, 2009). The first economic concept that I would like to discuss is demand. Demand is a schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time. Demand shows the quantities of a product that will be purchased at various possible prices; other things equal (McConnell, Flynn 2009). A Good example might be our current market for organic foods. Everyone is looking to eat healthier nowadays and one supplier catering to this market is called Whole Foods. Whole Foods was a innovative industry because it came up with the idea of organic products and it was a inelastic company at one time. Whole Foods was the world's leading retailer of natural and organic foods. Whole Foods so far has been able to corner the market and obtain most of the sales in this industry. As everyone knows its prices have been known to be extremely high. The competitors have moved in with lower prices and similar quality products making Whole Foods loose market value and become a elastic industry with more substitutes to choose from. An important characteristic of demand indicates that as price falls, the quantity demanded rises and as the price increases, the quantity demanded falls. The relationship between the price and quantity demanded is called an inverse relationship and this is what Economists call the law of demand. Elasticity Elasticity is one of the reasons Whole Foods is now loosing consumers. This why they are now just adjusting their prices to be competitive with other supplier. Elasticity is one of the most important concepts in…...

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