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When we get money usually our first thought is what can I buy with this money. So, when I think about economics the first thing that pops into my mind is money. Let’s all be honest here we all spend money and there’s things we all want. For example when I’m at the mall sometimes I see something I want that’s too expensive for me to waste my money on. Then when I come back the price has been lowered to a reasonable price. This is called Supply and Demand. The reason stores and people do this is so they can make money. So, next time you’re at the mall think to yourself. What’s in your wallet?
Hi Brooke! I really like your blog! The mall is a great example of supply and demand! I also believe that economics is about money. This is exactly how the economic system works. Stores put items out at a higher price, then after about few weeks they make them into sales so more people will buy the items that they have! Do you think that stores make more or less money when there are sales? Does the fact that more people buy the item when it is on sale make up for the fact that they lowered the price?
ReplyDeleteThanks Abby I really appreciate that! I do believe that stores don't regret lowering the prices or having sales when people are buying more of the product. And I think the stores all really care about is making money for their store to stay open and for the employees to get a fair pay, and when their lowering prices and more people are buying that makes up for lowering the price.
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