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Instructions:  View instructions on the section padlet.

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Instructions:  View instructions on the section padlet.

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Team:  Students will do one chapter per section.  View your assigned padlet at this link.

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Team:  Students will do one chapter per section.  View your assigned padlet at this link.

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What role do markets play in society and how do they influence the production and allocation of goods and services?

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A market is any setting that brings together potential buyers (demanders) and sellers (suppliers).
An expansive view of markets allows the application of economic principles to exchanges that do not involve material goods, such as voting, marriage, and grades, though this does require creativity to understand what the relevant "prices" are in these markets.

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This article illustrates how many facets are involved in forecasting supply, demand, and the potential for equilibrium.

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The MarketWatch News Department was not involved in the creation of this content.

Jan 11, 2022 (Market Insight Reports) -- With cases of construction place accidents and need for a safer commuting option intensifying, emergence and adoption of scissor lifts has been proved to a boon in the world mammoth construction industry. Scissors lifts rationalize the industrial processes and are generally implemented in most industries, right from construction, mining, O&G, and manufacturing to repair works.

Scissor lifts offer a secure and safe platform for operation while also facilitating faster and improved functioning of jobs. In line with this, a significant rise in infrastructural projects and construction subject to the ever-growing population across various economies of the world, make the contribution towards both the retrofit and construction market. In this regard, it is safe to declare that a stringent rise in construction rate would undeniably augment the demand for scissor lifts, thus fostering scissor lift market outlook in a positive manner over the forthcoming years.

Elaborating further, intervention of various government bodies in raising awareness towards safe use of scissor lifts has also supported the growth of scissor lift market globally. For instance, post fata death of a University of Notre Dame student in 2010, OSHA had introduced several norms highlighting the use of these lifts for college and high school students. OSHA's alert list included norms regarding the correct use of equipment during high winds or adverse weather conditions, consequences of overloading equipment with heavy object, removing guardrails during operation, and driving the lift on rough terrain. These regulations are expected to provide a brief understanding on the proper use of such equipment, thereby impelling the business dynamics.

Not to mention, rigorous developments ongoing in the field are also adding to the industry progression. Speaking of one such innovation, a Germany based lift solutions company- PB Lifttechnik GmbH had in 2019 announced the launch of world's tallest scissor lift- a breakthrough in global scissor lift market, which would not only bolster the company's presence in the overall industry, but also stand as a benchmark for other market vendors to invest into developing a competitive product.

As per various reports, the new S370-24 ES developed by PB has a working height of 37.5 m and an overwhelming capacity of 750 kgs. Several other features that have led the product to emerge as a major revolutionary breakthrough in the business space includes fully automatic support system. 2-axle steering, 4-wheel drive, and a differential lock. What attracts the consumer attention towards this product is its environment friendly nature, credit- its emission free and durable electro-hydraulic drive.
Automation and scissor lifts: an overview into transforming business spectrum
Automation stands as a need of the hour in today's industries. Several warehouses and industrial facilities are massively using automated solutions to enhance their profits, comfort, as well as warehouse operations, and worker safety. Not to mention, stakeholders in industries like construction and heavy machinery and metals, have shown concerns about reducing labor intensive processes, accelerating the speed for material handling and accuracy, thereby looking ahead into the possibilities of opting scissor lifts.

Speaking of the widespread acclaim of automated scissor lifts, it is prudent to state the mention of DHL Express Service Center Expansion, Sydney. As per reports, DHL Express had invested an overall USD 50 million in constructing an 8,600 sqm Sydney Service Center which is poised to be equipped with cutting edge industry technology and designed for optimal shipment processing efficiency. It was reported that the inbound and outbound operations for the service center expansion were facilitated by two automated scissor lifts, thus improving the working efficiency and time of the project completion.
Ask For Customization According to COVID-19 Impact Analysis @ https://www.gminsights.com/roc/4763 Table of Contents (ToC) of the report: Chapter 1. Methodology and Scope
Such projects accelerate the demand for scissor lifts, allowing the global Scissor Lift Market to grow at a prodigious pace in the years to follow.

1.1. Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Secondary
Chapter 2. Scissor Lift Market Summary
1.2.2. Primary

2.1. Scissor lift industry 360� synopsis, 2015 - 2026

2.1.1. Business trends

2.1.2. Type trends

2.1.3. Platform height trends

2.1.4. Application trends
Chapter 3. Scissor Lift Market Insights
2.1.5. Regional trends

3.1. Industry segmentation

3.2. Impact of COVID-19 on scissor lifts market

3.3. Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. Manufacturers

3.3.3. Distribution channel analysis

3.3.4. End-use landscape

3.3.5. Vendor matrix

3.4. Technology & innovation landscape

3.5. Regulatory landscape

3.5.1.1. North America

3.5.1.2. Europe

3.5.1.3. Asia Pacific

3.5.1.4. Latin America

3.5.1.5. MEA

3.6. Industry impact forces

3.6.1. Growth drivers

3.6.1.1. Growing infrastructural investments in North America

3.6.1.2. Increasing demand for technologically advanced scissor lifts in Europe

3.6.1.3. Proliferation of rental equipment services in the Asia Pacific

3.6.1.4. Rising number of infrastructure and utility development projects in Latin America

3.6.1.5. Construction of smart cities in MEA

3.6.2. Industry pitfalls & challenges

3.6.2.1. High initial cost of scissor lifts

3.6.2.2. Lack of skilled operators

3.7. Growth potential analysis

3.8. Porter's analysis

3.8.1. Supplier power

3.8.2. Buyer power

3.8.3. Threat of new entrants

3.8.4. Threat of substitutes

3.8.5. Internal rivalry
Get Complete Synopsis of the Report @ https://www.gminsights.com/toc/detail/scissor-lift-market
3.9. PESTEL analysis
Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

COMTEX_400347677/2599/2022-01-11T04:58:58

The MarketWatch News Department was not involved in the creation of this content.

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Demand Supply Scenario of Scissor Lift Market to Remain in Equilibrium During the Forecast Period

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The MarketWatch News Department was not involved in the creation of this content. Jan 11, 2022 (Market Insight Reports) -- With cases of construction place accidents and need for a safer commuting option intensifying, emergence and adoption of scissor lifts has been proved to a boon in the world mammoth construction industry.

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How do markets bring supply and demand into balance?

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What are the consequences of shifts in supply and demand?
How do changes in prices and quantities reveal whether supply or demand has shifted?

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In a market economy, individual people and businesses make decisions about production and consumption, with prices providing incentives.
A planned economy is one in which decisions about production and distribution are made centrally, often by government.

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I'm a visual learner, so having graphics always helps the information stick for me.

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What is Economic Equilibrium?

Economic equilibrium is a state in a market-based economy in which economic forces - such as supply and demand - are balanced. Economic variables that are in equilibrium are in their natural state assuming no impact of external influences.

Understanding Economic Equilibrium

Economic equilibrium is the result of opposing economic variables gravitating towards their natural state.

In economics - which is the study of economies or the methods and organization of the production, distribution, and consumption of goods and services - the market-based economy is one in which the forces of supply and demand determine where capital is allocated as well as general consumption behaviors.

In modern society, almost every economy is structured as a market-based economy because it is much more efficient than any other form of economic structure. The efficiency of the forces of supply and demand is that capital is allocated effectively without any external organization.

Economic equilibrium is the state in which the market forces are balanced, where current prices stabilize between even supply and demand.

Prices are the indicator of where the economic equilibrium is. If prices are too high, the quantity of a product or service Products and Services demanded will decrease to the point that suppliers will need to lower the price.

On the other hand, if prices are too low, the quantity of a certain product or service demanded will increase to the point that suppliers will either produce more or raise the price.

Economic equilibrium is actually only a theory. The markets are always evolving and dynamic such that the market never truly reaches an equilibrium.

Example of the Efficiency of the Market-Based Economy

Consider a small town with one farm that grows all the food to feed the townspeople. How will the food be distributed? In a centralized economy, the food will be given to one person or entity who decides where the food will be allocated.

However, the process may take a lot of time and effort, and it may not allocate the food effectively. What if someone is allergic to peanuts, yet they are allocated peanuts by the central planner? It is difficult to keep track of every preference and allergy of the townspeople.

Another way of distributing food is with the institution of a market. People can trade items for food, and they can meet their own preferences. Food in high demand will end up being priced higher, and the farmers will know which food to grow more of. It is a simple example, but it demonstrates the effectiveness of the market-based economy.

Types of Economic Equilibrium

As defined in microeconomics - which studies economies at the level of individuals and companies - economic equilibrium is the price in which supply equals demand for a product or service.

It is commonly understood as the most common form of economic equilibrium. It is where the supply and demand curves on a price-quantity graph intersect as shown below:

There is a supply curve and demand curve. The supply curve goes up as price and quantity increase. Since there is a higher price, more goods and services are willing to be supplied.

On the other hand, the demand curve goes down as price and quantity increase. It is because when there is a higher price, fewer goods and services are demanded. It applies to most normal goods, such as food, clothing, electronics, etc.

It can also be seen that there are certain price and quantity levels in which the graphs intersect. That point represents the economic equilibrium.

In macroeconomics Macroeconomic Factor - the study of the overall economy as opposed to individuals and companies - the equilibrium can be represented in different forms. There is an equilibrium for the money supply, aggregate demand/supply, interest rates, inflation rates, production, etc.

Equilibrium vs. Disequilibrium

The state of equilibrium is a theoretical concept. There are always dynamic forces that do not allow an economy to reach and sustain this balanced position.

When the economy is not in a state of equilibrium, it is known as disequilibrium. Realistically, we are always in a state of disequilibrium that is trending towards a theoretical equilibrium. However, there may be certain situations where disequilibrium becomes more pronounced.

For example, protectionist laws by a country, which enact and quotas, put the international markets in prolonged disequilibrium since the demand for certain products is capped.

Related Readings

CFI is the official provider of the global Commercial Banking & Credit Analyst (CBCA)™ Program Page - CBCA certification program, designed to help anyone become a world-class financial analyst. To keep advancing your career, the additional resources below will be useful:

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Economic equilibrium is a state in a market-based economy in which economic forces - such as supply and demand - are balanced. Economic variables that are in equilibrium are in their natural state assuming no impact of external influences. Economic equilibrium is the result of opposing economic variables gravitating towards their natural state.

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Economic equilibrium is the result of opposing economic variables gravitating towards their natural state.

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I've listened to a few podcasts on here before. This one explains the concept of equilibrium min a way that is really easy to grasp.

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Completing the CAPTCHA proves you are a human and gives you temporary access to the web property.

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A market is in equilibrium if at the market price the quantity demanded is equal to the quantity supplied. The price at which the quantity demanded is equal to the quantity supplied. This is called the equilibrium price or market clearing price and the matching quantity is the equilibrium quantity.

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Queuing - waiting in line wastes time and money
Bundling of Extras - buying other things to get the thing you want
Secondary Market - unofficial alternatives
All raise the "effective" price.

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Step 1: Determine what is shifting: supply, demand, or both.

Demand is shifted by changes affecting buyers or their marginal benefits.

Supply is shifted by changes affecting sellers or their marginal costs.

Step 2: Determine the direction of the shift.

An increase in marginal benefit increases demand.

An increase in marginal cost decreases supply.

An increase shifts the curve right.

A decrease shifts the curve left.

Step 3: Determine how prices and quantities will change in the new equilibrium.

Compare the old and new equilibriums.

Since one or both lines have shifted, they will intersect at a new equilibrium.

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You can also see what would happen if just one curve shifted.

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Morning Evening Method for both curves shifting

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Morning Evening Method for both curves shifting

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When both curves shift, you can break it into parts. Imagine the demand curve shifts in the morning and the supply curve shifts in the evening and add up the two effects.
In many cases, the total effect depends on which curve's shift had a bigger effect.

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In this chapter it explains how supply and demand meet at points called the market equilibrium. With this it helps gives predictions where prices of goods might be at during certain times. It also explains the fluctuations between supply and demand and how one greatly can effect the other.

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Graph Example of how equilibrium is met. 

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Housing market equilibrium is on a slow start and may take longer to reach a equilibrium

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Privately built housing starts were at an annual rate of 1.702 million in December, an increase of 1.4% from November, the Census Bureau reported on Wednesday.

The number, slightly above consensus forecasts, compares to 1.678 million in November.

Permits for new construction, meanwhile, rose 9.1% to an annual rate of 1.873 million, compared to 1.72 million in November.

"The strong starts in December, a historically slower month amid the holiday season, reflects market optimism in the residential sector, and bodes well for a strong start to 2022," Kelly Mangold of RCLCO Real Estate Consulting said in a statement.

Economists had expected a cooling off with rising mortgage rates, but it appears that spurred an increase in activity instead.

"Real estate market dynamics continue to be defined by the imbalance between a large demographic wave of millennials driving demand and an undersupply of new homes," George Ratiu, manager of economic research at Realtor.com, said in a statement.

"Builders ramped up the pace of construction in 2021 in response to strong buyer interest," he added. "However, given the shortage of 5.2 million new homes, regaining market equilibrium will take longer. We expect housing starts to advance 5% this year, bringing an influx of much-needed homes to buyers seeking to leverage still-low mortgage rates. However, with rising lumber prices and worker wages compounding increasing rates, the cost of new homes is also on an upswing."

Political Cartoons on the Economy

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Housing Starts Rose in December Along With Permits

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Privately built housing starts were at an annual rate of 1.702 million in December, an increase of 1.4% from November, the Census Bureau reported on Wednesday. The number, slightly above consensus forecasts, compares to 1.678 million in November. Permits for new construction, meanwhile, rose 9.1% to an annual rate of 1.873 million, compared to 1.72 million in November.

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Oue professor has this posted on BB, but I thought having it in the section it pertains to would be helpful. I really like this episode.

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Where Supply meets Demand. Markets are everywhere, but what happens when buyers and sellers get down to business? Leading economists Betsey Stevenson and Justin Wolfers reveal how markets find their equilibrium Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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equilibrium - balance in a busy world • think like an economist

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Equilibrium - Balance in a Busy World * Think Like An Economist - via Podcast Addict

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Where Supply meets Demand. Markets are everywhere, but what happens when buyers and sellers get down to business? Leading economists Betsey Stevenson and Justin Wolfers reveal how markets find their equilibrium Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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A video giving examples of market equilibrium.

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A video giving examples of market equilibrium.

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Definition of Market Equilibrium

Market equilibrium is a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market. If a market is at equilibrium, the price will not change unless an external factor changes the supply or demand, which results in a disruption of the equilibrium.

Supply, Demand & Equilibrium

If a market is not at equilibrium, market forces tend to move it to equilibrium. Let's break this concept down.

If the market price is above the equilibrium value, there is an excess supply in the market (a surplus), which means there is more supply than demand. In this situation, sellers will tend to reduce the price of their good or service to clear their inventories. They probably will also slow down their production or stop ordering new inventory. The lower price entices more people to buy, which will reduce the supply further. This process will result in demand increasing and supply decreasing until the market price equals the equilibrium price.

If the market price is below the equilibrium value, then there is excess in demand (supply shortage). In this case, buyers will bid up the price of the good or service in order to obtain the good or service in short supply. As the price goes up, some buyers will quit trying because they don't want to, or can't, pay the higher price. Additionally, sellers, more than happy to see the demand, will start to supply more of it. Eventually, the upward pressure on price and supply will stabilize at market equilibrium.

Examples of Market Equilibrium

Flat Screen TVs

Imagine that you make flat screen televisions. Your flagship model is a 72-inch plasma that currently wholesales to your retailers at $2,500. Unfortunately, your warehouse has recently been filling a bit too quickly with 72-inch plasmas. This is probably because each of your three largest competitors has finally gotten around to introducing their own 72-inch televisions, which means that there are a bunch more 72-inch televisions on the market. You decide to lower your wholesale price to $2,250 and see what happens. You also decide to cut production down by 25% for the next month to clear out existing inventory.

When you reviewed the numbers at the end of the month, the price reduction did work, but not quite well enough. So you decide to reduce the wholesale price once again to $2,100 and keep production at the same level. When you reviewed the numbers at the end of the month, you see that you barely have any inventory and the purchase orders from your retailers have started to go up a bit. In the following months, orders have kept up with production and inventory is where it is suppose to be. It appears that the price for your television has reached market equilibrium.

Gas Prices

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market equilibrium in economics: definition & examples - video & lesson transcript | study.com

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Market Equilibrium in Economics: Definition & Examples - Video & Lesson Transcript | Study.com

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Market equilibrium is a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market.

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Video from Khan Academy explaining changes in equilibrium and quantity when there's a shift in demand or supply.

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Video from Khan Academy explaining changes in equilibrium and quantity when there's a shift in demand or supply.

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Changes in equilibrium price and quantity when supply and demand change | Khan Academy

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Supply and Demand in the airline industry

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Supply and Demand in the airline industry

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Back to the future? Airline sector poised for change post-COVID-19

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The airline sector needs to grapple with five new realities--and devise strategies to adapt. What can airlines do in response to deep changes in the sector?

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Crash Course video that helps further understand the supply (surplus) and demand (shortage).

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Crash Course video that helps further understand the supply (surplus) and demand (shortage).

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https://www.youtube.com/watch?v=g9aDizJpd_s&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=5

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Supply and Demand: Crash Course Economics #4

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It displays how the shift in supply affects the equilibrium.

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https://www.wsj.com/articles/from-plants-to-store-shelves-u-s-food-supply-is-under-pressure-11642933805

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The U.S. food system is under renewed strain as Covid-19's Omicron variant stretches workforces from processing plants to grocery stores, leaving gaps on supermarket shelves.

In Arizona, one in 10 processing plant and distribution workers at a major produce company were recently out sick. In Massachusetts, employee illnesses have slowed the flow of fish to supermarkets and restaurants. A grocery chain in the U.S. Southeast had to hire temporary workers after roughly one-third of employees at its distribution centers fell ill.

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U.S. Food Supply Is Under Pressure, From Plants to Store Shelves

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The U.S. food system is under renewed strain as Covid-19's Omicron variant stretches workforces from processing plants to grocery stores, leaving gaps on supermarket shelves. In Arizona, one in 10 processing plant and distribution workers at a major produce company were recently out sick.