Free Essay

Paper Economics

In: Business and Management

Submitted By chburt1
Words 539
Pages 3
Paper continues to be a major commodity and substitutions are limited. Paper finds usefulness in many products that we use daily for things like writing, the walls in our homes, and we have even found opportunities to eat our food on it. It is evident the paper and paper products are considered a necessity for consumers daily usage. Paper is used for personal and professional use. Paper is used to make money, bills, paper to complete class assignments, advertisement, and many other daily activities. There has been a small shift in paper due to some ecological experts. Many companies give consumers the option to have direct deposit, receive bills online and also to pay bills online. (Hubbard, 2010, p. 175) Perhaps we will never see the complete “paperless environment” for business operations which many businesses refer to. The challenge is that there exist very few if any substitutions for paper and all that this commodity is useful for.
However, recently we find some substitutions for some of the products that paper has been used for. Where one may have seen commercial paper towels in public restrooms in past years, one often finds such paper products replaced by electric hand dryers. Where many business offices have been accused of killing forests with the amount of paper that has been used for their operations, a revolution towards digital imaging is beginning to reduce paper usage in offices. Yet, even with all these innovative substitutions for paper products, this commodity continues to be impacted very little in today’s market system by any major substitution that would compete with or ultimately replace it in the near future.
Market systems are any systematic process that enables markets to bid or ask for a specific price. It is also a method which allows the prices to be determined by the consumers, business and or firms. (Hubbard, 2010, p. 175) It’s not only a factor of determining the price but it also but it also involves some regulation qualifications. It also is known as the free market. Market systems allow individual and businesses to maximize its profit through its own decisions.
There are advantages of having a market system. Market systems allows for competition. When there is more than one company with a product it will give the consumer the advantage of getting the lowest price. It gives the consumer options to make a choice to what will be the best for them.
It is evident the paper and paper products are considered a necessity for consumers daily usage. Paper is used for personal and professional use. Paper is used to make money, bills, paper to complete class assignments, advertisement, and many other daily activities. There has been a small shift in paper due to some Ecological Experts. Many companies give consumers the option to have direct deposit, receive bills online and also to pay bills online.
The commodity of paper continues to be affected by supply, demand, elasticity, and various shifts in those areas. The market equilibrium is influenced by the price of this product as well as the possibility of substitutions. Therefore, the market system will continue to make its adjustments in reaction to conditions that affect commodities such as paper.

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