Market Day

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Market Day

There are many economic concepts that take place in a market. Products and prices can be competitive, quality can vary, and shortages and surpluses may occur, leading to a supply and demand situation. Also taxes and cost can be an economic concept found in a market. On market day I observed all these concepts taking place and how students were dealing with them.

There were many different products priced differently. There were also products that were somewhat similar priced also differently. Some of the products were priced too high. For example, someone was selling a candle holder for $5. I thought this was too expensive because the quality of the product was not as good as the price that they were selling it for. Improvements could have been made to make the candle holder worth its price.

Some of the more popular things that were in demand were selling fast and causing a shortage. This allowed the proprietor to bring up his prices. For example, the picture taking. They sold out quickly while more and more people were coming to get their pictures taken. The supply was low yet the demand was high.

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After market day was over, taxes and cost had to be subtracted from the profit of our products. My pillows made me a lot of profit although after taxes and cost were deducted a lot was taken out. I think the profit that I made had to do a lot with where I was located in the library. I was right in the mainstream while others who were in the very back did not have as much luck in selling all of their products.

Market Day was a lot of fun. I would have liked to have shared it with some of my friends in other periods. Maybe sometime in the future someone can find a way to have all of the seniors participate in one huge market day. A lot was learned on this day about economic concepts that take place in a market and a lot was observed of what can go on in a real market.

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