Explain what causes changes in supply and demand

Explain what causes changes in supply and demand The constancy and steadiness of any economy is based on the structure of its supply and demand. The supply and demand establish the pattern of the prices and the quantities of different commodities and products in the economy. The increase and decrease in the supply and demand fluctuates the prices and the quantities of different products. The market has a certain balance between various elements and all this symmetry is affected by the variation in the pattern of supply and demand. Various replacements and substitutions play role in adjusting the balance of the market and the prices and their elasticity are also affected by these. Furthermore all this has an effect on the society. Basically four market systems are there. Varied roles are played by the economists in different markets. Explain what causes changes in supply and demand A market is a place where various products are bought and sold. At times there is too much quantity of a certain good is present in the market then it is said that the supply of that good is high. When a product is produced and the capability and eagerness to sell this product is there at a certain price in a certain time period then this is known as supply of that product. Similarly when there is a capability and eagerness to buy a certain product at a certain price in a certain period is known as the demand of that product. The income is traded in return of various jobs and tasks. Likewise if we have a demand of any particular product we offer money in order to buy it. Market equilibrium is basically where the demand of any product is almost equal to the supply of the product. At this stage the prices for such a product are the most suitable for it. Whereas if there is too much supply and the demand for a product is comparatively low then the consumers will pay less for that product. Similarly if there is too much demand of any product but the market has a less supply of that product then the price of such a product goes high and the buyers are willing to pay even more for it. Therefore in order to maintain the market equilibrium it is better to bring the supply equal to demand and vice versa. Determine how changes in price and quantity influence market equilibrium Steven Tomilison defines equilibrium (Understanding Market Equilibrium, Determining A Competitive Equilibrium, p1,) as a state where there is no propensity to change. Market equilibrium is a stage where the prices and quantity of any product remains constant and endure the pressure by the buyers and the sellers. Here the supply of a product is basically similar to the demand of the product. This equilibrium is disturbed when there because of undue pressure a change is brought about in the prices or quantity of any product. What actually happens is that there maybe less demand of a product where the sellers might bring in too much of the product in the market. Here basically there is less willingness to buy a product or the demand of that product is reduced thus affecting the prices and also reducing them. Likewise if there is too much eagerness by the buyers to buy a certain product but the suppliers bring in lesser quantity in the market this will increase the demand thus increasing the prices of that product also. This all is actually bringing a change in the prices and quantity of a product thus affecting the supply and demand and bringing a change in the market equilibrium. This all can be stated that an increase in quantity decreases the prices whereas the decrease in quantity will increase the prices. Describe how the necessity of a good and the availability of substitutions impact price elasticity. Harrison (2004) defined elasticity as the flexibility to increase or decrease. When it comes to the elasticity of the prices this can be shown by a graph of price elasticity of demand or PED. This price elasticity of demand is calculated by dividing both the percentages of demand with the price. This PED is very useful. Companies are interested in them when investing in new business or starting new ventures. It gives them the idea of competitive prices and the profit margin. According to Harrison (2004) the influence or effect of the taxes and subsidies is seen by the governments by this PED. By levying more taxes on harmful products such as cigarettes or alcohol will increase its prices thus decreasing its demand. Similarly by providing a subsidy on any product will decrease the price of that product thus reducing its price and making it easier for the consumers to buy it or increased demand. Nowadays for every product there are different alternatives or substitutions present in the market. The necessity of a product will lead to finding its substitution and creates a direct relationship in them. This relationship fluctuates because of different situations and conditions of the market and the world and this is what capitalism is. Food has been described as essential and fundamental element for life by the China Agricultural Economic Review. This review describes the relationship between the supply, demand and the prices of different products in Nigeria. The domestic food prices were increased when Nigeria faced a food shortage between 1998 and 2001. To overcome this shortage different food products and livestock was imported from other countries. This increased the prices of these food products as large import bills came along with them which added up to the prices of these products. Automatically these prices were to be endured by the consumers. This resulted in large import bills. Now the domestic food prices were already high because of the shortage the imported food prices were almost similar or even higher then those products. This all brought about the elasticity in the prices and the economy was provided with elasticity. The market would have said to be inelastic if there was no shortage and the food p rices were normal and there were less imports and competition higher. http://proquest.umi.com.ezproxy.apollolibrary.com/pqdweb?did=1657972491sid=3Fmt=6clientId=13118RQT=309VName=PQD). Market Systems and the Role of an Economist There are different types of business and likewise the market systems are also of different types. As per Mankiw (2007) the market systems can be divided into four basic types, and the markets not only in US but all over the world usually fall under one or the other categories. Majority of the economists also agree with this diversification of market systems. Monopoly is one of the market systems. As the name refers the market is dominated by a single or sole seller and usually no alternatives are present for such a product. Since there are no substitutions the competition factor is also absent. Due to the advancement in the technology and information explosion usually the monopoly of any one product is nowadays not commonly seen but still companies like cable companies, trash collectors etc. are considered to be monopolies due to the uniqueness they provide through their product or services. According to Mankiw (2007) the monopolies enjoy this state because of the low marginal value they keep. Oligopoly is another type of market system. According to Mankiw (2007) in oligopoly there are very few sellers present in the market for a certain product and action of one at times affects others also. The profits of everyone are affected by oneà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s decision. This type of competition is known as imperfect competition. Monopolistic competition is one of the market systems. As per Mankiw (2007) in this type of market system there are sellers who sell products which may be alike but cannot be considered as identical. That is their few features may be similar but they do differ from one another in other features. Again this is a type of imperfect type of market systems where the buyers are same but the products are different. Perfect competition is the fourth type of market system and as the name indicates that the competition in this type of market system is perfect. The product is absolutely same but there are a number of sellers present in the market. The competition here is too high because of the number of sellers and the price of the product is usually very near to the cost of the product. It is difficult for the sellers to gain a good margin out of such type of a market. One business can only be successful if it copes up well with the type of market system it enters. Good economists tend to understand the demand of the market system. They are well aware of the cost of the production and make efforts to offer better then its competitors. The buyers are always looking for the best with the most cost effective price. In order to earn the most of the market share one has to cut down its prices to the lowest then only it can compete successfully. Conclusion Thus the price of the product, the product itself, its buyers and sellers are the factors that affect the supply and demand of a product. The decision of the buyers regarding the quantity and their purchase is very much dependent on the price of the product. They are always willing to pay for quality but it is essential that it should be affordable for them. The increase in supply is because of too much quantity of a product present in the market, similarly the demand increases when there is not enough of the product present in the market. The price elasticity is also dependent on the importance of a good and the competition present for that good.

A Teenage Life Essay

A long time ago,in 1998, a female child was born with nothing on her mind. A child who gently sleeps in her mothers arm, and always cries when she gets hungry. This child grew up to become a great kid. This kid grew up to be me. Respected teacher and my dear friends. I, Fatima Fakrudheen feel privileged to stand before you all to deliver a speech on ’Teenage life’ . â€Å"Before I speak, I’ve got something important to say†¦ I was told to be accurate. Be brief. And be seated. I promise I will be as brief as possible..no matter how long it takes† Since childhood, I was the happy-go-lucky kid. I really never bothered everything but only play with myfriends. I was so gleeful, cheerful, and always think positively. I love my friends, and they do love me. But my entirelife changed when I entered this critical stage in life where everything should be systematic. A new chapter in lifewhere everything calls for desperate measures. Teenage life is a chapter of our life where we teens should be meticulous in everything we do. In here, our body grows older, and we can ¶t imagine the things growing in our skins as we go through this stage in life. Haveyou imagined it? That as we go through this stage, everything changes «physically, mentally, socially, and most of all, emotionally.As we go through life, we meet changes. Changes that will make our character stand above all. What you do now will lay the foundation for your state in the future.For a short period of our adolescence, we must try to make this the exciting,enjoyable, and memorable times in our life.As a teenager, we are in that enviable stage where everything is positioned to go our way. We are young,full of energy, we feel like we are invincible, totally carefree and becoming free and more independent.We will also have a thousand and one questions as we enter this new stage of life. This is the time whenwe actually need the guidance and support of our parents and older  people.We are social creatures and the need for companionship is most pronounced among teenagers. Thecompany we keep will have a great effect in our teenage life. Choosing the right circle of friends will save us a lot of troubles, heartaches and possibly a life of deep regret. Enjoy the company of different kinds of people and develop important social skills.

Article Critique on Video Game Play and Aggressive Thoughts and Behavior Essay

The study by Vincent Cicchirillo and Rebecca M. Chory-Assad (2005) entitled Effects of Affective Orientation and Video Game Play on Aggressive Thoughts and Behavior investigates the effect of violent video game on aggressive thoughts and behavior and the mediating role of affective orientation on this relationship. This study is prompted by the scarcity of research examining the role played by an individual’s personality in the processing of media effects. The underlying concept which frames the study is that of priming which is the idea that a certain stimulus will activate similar stimulus present in the mind of an individual, thus enabling a reproduction of the outside or presentation stimulus to occur (Cicchirillo & Chory-Assad, 2005). Media effect is based on this concept. It also supported by the neoassociatve perspective on cognition. In the neoassociative model, the mind is a network of nodes that corresponds to certain emotions, behaviors and thoughts. These nodes are connected by pathways that are strengthened by frequency of use and relatedness. When a particular node is activated, related nodes will be activated as well through the networks, resulting to production of other emotions, behaviors or thoughts which were not directly stimulated. Researches found that media such as video game can activate cognitive nodes (Cicchirillo & Chory-Assad, 2005). According to Cicchirillo and Chory-Assad (2005), personality traits such as affective orientation play a part in the processing of media effects. They define affective orientation as the tendency of an individual to utilize his emotions as a guide for behavior and decision-making (Cicchirillo & Chory-Assad, 2005). A person with a high affective orientation will respond to emotional cues and act accordingly, while one with a low affective orientation will act based on factual variables. The independent variable in the study is the administration of video game varying in content. The first video involved violence and the other involved non-violence. A second independent variable is the level of affective orientation of the participants. The dependent variables in the study are aggressive thoughts and aggressive behavior. Each dependent variable is measured with an appropriate scale to determine its interaction with the independent variables. Cicchirillo and Chory-Assad (2005) make two hypotheses in the study. First, participants who played violent video games will exhibit more aggressive thoughts and behavior than those who played non-violent games. This hypothesis is based on the gathered research supporting it and the concept of priming (Cicchirillo & Chory-Assad, 2005). Second, participants with high affective orientation who played violent video games will exhibit more aggressive thoughts and behavior than participants with low affective orientation who played the similar game and participants who played non-violent games (Cicchirillo & Chory-Assad, 2005). This hypothesis is based on the assumption that affective orientation mediates on the effect of violent video games on thought and behavior. To test the hypothesis, the researcher randomly asked 80 communication students at the beginning of the semester to answer questionnaires measuring their affective orientation. This was the first phase of the methodology. Thereafter, the second phase which is a laboratory test was initiated. The students who participated in the first phase were called back to participate in the second phase which involves the actual playing of video games. The students were divided randomly into two groups. One group was assigned to play a violent video game; the other group assigned to play a non-violent game. After playing for ten minutes, the students were asked to take a word completion test for three minutes to measure aggressive thoughts. Upon completion of the test, the students were told to evaluate the researcher on the pretext that this evaluation will be the basis for a research grant which the researcher was applying for. The evaluation form asked the students to assess the researcher’s courtesy, competence and deservedness of a financial support. The test was designed to measure the students’ aggressive behavior after playing the video game. A debriefing about the whole research was conducted after the students completed the evaluation. The results show that violent video games do not directly prime aggressive thought but it does prime aggressive behavior. They further conclude that some other process other than aggressive thoughts mediates the relationship between violent video games and aggressive behavior (Cicchirillo & Chory-Assad, 2005). In addition, the study also shows that affective orientation does not mediate between video games and affective behavior, but between affective behavior and aggressive affect (Cicchirillo & Chory-Assad, 2005). In other words, video games stimulate the aggressive affect which may increase aggressive behavior depending on the level of affective orientation. A participant with a high affective orientation is more likely to exhibit aggressive though and behavior after playing violent video games than one who is otherwise. The methodology designed by the researchers is experimental to test both hypotheses. In the first hypotheses, they measured relationship between the independent variable (violent video game play) and dependent variable (aggressive cognition and aggressive behavior). In the second hypotheses, they measured the correlation between affective orientation and video game play in predicting the level of aggressive cognition and behavior. In measuring affective orientation, student participants were asked to answer Booth-Butterfield Affective Orientation 15 scale which was used in previous studies about the influence of affective orientation in behavior(Cicchirillo & Chory-Assad, 2005). To measure aggressive cognition, mean scores from the word completion task were analyzed, while scores obtained from the evaluation of the researchers were used to measure aggressive behavior. The researchers decided to separate the scores obtained from three items in the evaluation of aggressive behavior because the correlation is low and the alpha reliability is unacceptable (Cicchirillo & Chory-Assad, 2005). The psychometric tools used by the researchers in measuring the variables of the study were culled from previous investigations of similar nature to ensure reliability and validity (Cicchirillo & Chory-Assad, 2005). Thus, the tools can be considered appropriate for the variables present in the hypotheses. There is a concern though about the nature of video games used in the experiment. From what Cicchirillo & Chory-Assad (2005) related, it can be observed that the violent video game [Grand Theft Auto] is relatively more complex than the non-violent game [etris)] As such, the researchers took a longer time in explaining the mechanics of the violent video game which may have affected the students’ evaluation of the researchers in the last phase of the experiment (Cicchirillo & Chory-Assad, 2005). The length of playing time and number of video games used may also have affected the correlative scores between variables. In previous studies, participants were allowed longer exposure to a number of media compared to the exposure used in this study (Anderson cited in Cicchirillo & Chory-Assad, 2005). A significant result may have arisen if this method was appropriated. In addition, the instrument used in measuring aggressive condition, a word completion task, may also have influenced, or more specifically, limited the responses of students. According to the recommendations of the researchers, an alternative instrument, such as thought listing, may record accurate and significant results obtained during the actual playing of the game; a less constricted instrument may allow for a precise mapping of aggressive thoughts (Cicchirillo & Chory-Assad, 2005). Moreover, the method of word completion is a novel psychometric method in that only two studies have used it (Cicchirillo & Chory-Assad, 2005). The researchers reported that during the period between the first and second phase of the test, some of the student participants who answered the affective orientation questionnaire did not show up during the lab test (Cicchirillo & Chory-Assad, 2005). The original sample of 80 students was cut down to 59 and an additional 5 students who were not present during the first phase participated in the lab test. This significantly affected the results of the study. According to Kazdin (2003), in terms of sample selection, attrition, or the difference in the number of participant drop-outs in the groups, has significant effect on the result. He further suggested that to avoid attrition, researchers should select participants who are not likely to pull out of the experiment (2003). Considering that the experiment was done in a school setting, which is relatively easier to supervise than a broader setting such as a community, the researchers could have avoided the huge drop out of participants. The number of sample is crucial in arriving at a more definitive result as demonstrated in a similar study involving a sample of 65 participants (Anderson, C. ited in Cicchirillo & Chory-Assad, 2005). The partial validation of both hypotheses in the study may be different if the following changes are adapted in the study. As mentioned, an increase of sample size will yield to a significant relationship between aggressive thought and aggressive behavior. A close (but not intrusive) monitoring of participants may enable researchers to avoid the occurrence of attrition. In addition, utilizing a more naturalistic setting for the lab tes t may result to significant changes. According to Kazdin (2003), one factor influencing the external validity of a research design is the level of a participant’s awareness that he or she is undertaking an experiment. The â€Å"reactivity to experimental arrangements† may be lowered if the researchers utilized non-artificial and informal setting. Another improvement applicable to the study is the distribution of sample. According to the researchers, there was a random uneven distribution of the participants in terms of gender and number, and this may have affected the results. Increasing the sample size and close monitoring of the participants will resolve this discrepancy. The statistical analyses used to measure the relationship of the variable are appropriate for testing the hypotheses. The impact of violent video-game play to aggressive thought and behavior, which is the first hypothesis, was determined using a one-tailed t-test. This test determines the relationship of two groups—in the studies case, the players of violent video games and players of non-violent video games—to a single variable. Cicchirillo & Chorry-Assad (2005) reports that violent video-game play influences aggressive behavior, but not aggressive thought. Since the second hypothesis involved a the relationship of two independent variables—that is, level of affective orientation and video-game play—the researchers appropriately used regression analyses to determine the closest fit in this relationship. The results show that high scores on affective orientation and playing violent video games influence some aggressive behavior, but, similar to the first hypothesis, not aggressive thoughts (Cicchirill & Chorry-Assad, 2005). Because of the numerous variables present in the study, an alternative method may present more disadvantage than otherwise. However, to accommodate the use of a more naturalistic set-up, the study may require a longer methodology in terms of time. The researchers may involve a sample of much younger participants—for instance, high school students. To measure their affective orientation, school departments such as the guidance office may be utilized to administer tests at the beginning of the school year. Instead of a laboratory test for the second phase, a survey may be done to gather data on violent video game use of the specific sample chosen for the test. Methods to measure aggressive thought and behavior may be similar to the Cicchirill & Chorry-Assad study, but may include observation of actual behavior of the participants in a natural school setting. The disadvantages of this method involve the constraints on time and money resources inherent in a longer experimentation, and the bigger probability of attrition also due to time element. The research may be extended by exploring cultural factors involved in determining affective orientation. According to Zimbardo et al (2005), personality types, such as thinking versus feeling, are influenced by cultural affiliations. For instance, some cultures do not distinguish thought and emotions as much as Americans do (Zimbardo et al, 2005). Further research such as this may enlighten recent issues involving mass killings in US associated with violent behavior adapted by young people from media. It may also explore the role of gender differences in determining affective orientation, the results of which may establish empirical grounds for gender associated aggression.

How The Times Have Changed - 1038 Words

How the Times Have Changed? On Halloween, I decided to replicate the style and overall persona of 90’s R B star Aaliyah. I wore baggy male pants, crop top, Timberland boots, and a large overcoat. Even though my prissy and consecutive mother was not very fond of my costume selection, I wore best Halloween costume at the neighborhood party. I was not judge or criticized for being in what was established as male clothing because it is the social norm for my generation and the generation before me. However, if I was edgy Aaliyah for Halloween in prior decades, I would have been seen as a social abomination because women and men did not wear each other’s clothing. Gender roles has always been expressed through fashion and as gender roles continue to progress so does the dance costuming. After analyzing the Waltz, Salsa, and, Hip Hop dance cultures, I have noticed that the female costuming traditionally represented women being submissive and socially inferior to men; however, as dance began to evolve a nd social revolutions began to take place, costuming showcased the movement towards gender equality. The Classic Women In the nineteen century, the Waltz was one of the most popular forms of dance that demonstrated structure and courtship. During this era, â€Å"the waltz was a completely new dance form that perfectly suited the new conditions of modern life—socially, psychologically, and materially. These nineteenth-century developments in dance were reflected in elaborate danceShow MoreRelatedHow Superheroes Have Changed over Time642 Words   |  3 PagesHow has Superheroes change through time Thesis Statement/Introduction: The portrayal of superheroes in films has changed in terms of their character, appearance, style and strength. 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