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What did you learn about the topic that most surprised you?

Ans: What surprised me most while researching this topic is how strong of an affect the price of a product has on its quantity of demand regardless of other factors involved. As well as how a products price can surge depending on its level of stock.

Provide a real a life example of how this topic is relevant or interesting

for you

Ans: Well seeing as how one day I would like to engineer and manufacture a product I believe will sell successfully. Regardless of how successful I believe it may be, heavy research into whether it will ever be demanded by a large enough consumer base is a very important factor to now consider way before ever moving into the manufacturing process of the product.

Which research did you find most interesting? Why?

Ans: In my opinion I found that researching websites relevant to my topic was most interesting. I base this solely on the fact that demand itself is a specific term associated to economics but after researching so many websites I found that it is actually applied to so many different markets and products. Whether it be healthy food fad hemp hearts, toy of the year Hatchimals or soon-to-be legalized cannabis, all products so different yet all related to demand.

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The video summarizes a presentation given by Ken Schmidt about how a successful motorcycle company can essentially lose touch with what their consumers actually want. They took a rational logical approach into trying to understand what the demand and next demand of the consumer would be. In doing so they did not take into account that us as humans are not a rational logical species. Logical facts likes specifications and dimensions of a product are nice but aren't deal breaking. Lower prices on the other hand is, along with brand image and consumer perception.

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Video #2 - Law of Demand - http://bit.ly/2gqLz5t

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Video #2 - Law of Demand - http://bit.ly/2gqLz5t

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The video summarizes a presentation given by Dr. Mary J. McGlasson about demand, the basic of the buyers' side of the market - what motivates the buyer to purchase. The law of the demand states that there will be an inverse relationship between price and quantity demanded as long as nothing else changes. Meaning that if the price and an item is low a consumer will be more entice to buy it, however if the price if high, the consumer will be less likely to buy. However the video also goes into the other factors which affect the buyers' decision to make a purchase. Some of these factors are the amount of disposable, whether the item is a luxury or necessity, personal preferences, the list goes on and on. With so many factors to consider (pretty much infinite) its much more simple to focus on two, quantity demanded and price and assume all other factors as constant.

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Image #3 - Law of Demand - http://bit.ly/2fvKM6y

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Image #3 - Law of Demand - http://bit.ly/2fvKM6y

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The law of demand states that the quantity bought of a good or service is the result of price. As long as nothing else changes, people will buy less of something when its price rises. They'll buy more when its price falls.

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Image #2 - Movement Along the Demand Curve - http://bit.ly/2fvJxEy

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Image #2 - Movement Along the Demand Curve - http://bit.ly/2fvJxEy

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Picture demonstrates the quantity of gasoline with regards to the price per gallon of gasoline. As the price per gallon lowers the quantity of gasoline increases.

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Video #1 -  The Demand Curve -  https://youtu.be/kUPm2tMCbGE

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Video #1 -  The Demand Curve -  https://youtu.be/kUPm2tMCbGE

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The video summarizes all the many and diverse ways that people respond to the change in price. The demand curve demonstrates how much of a good people are willing to buy at different prices. In the video it explains why people go nuts on Black Friday and also using the demand curve for oil. With oil the video compares the necessity value of demand with regard to airplanes that heavily require oil to function and the oil needed to create the plastic to therefore be able to make a rubber ducky.

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Welcome to Demand: How it affects price and quantity demanded

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Welcome to Demand: How it affects price and quantity demanded

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This piece dives into the principle of demand, the factors that affect it, how it affects price and quantity demanded. Websites, images and videos will be used to breakdown as examples to better breakdown and understand demand

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Image #1 - Demand Curve of Gasoline - http://bit.ly/2gdeLiI

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Image #1 - Demand Curve of Gasoline - http://bit.ly/2gdeLiI

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Picture demonstrates the quantity of gasoline with regards to the price per gallon of gasoline. As the price per gallon lowers the quantity of gasoline increases.

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Website #2 -  Global News - http://bit.ly/2gQsSf2

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Website #2 -  Global News - http://bit.ly/2gQsSf2

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This website describes the situation of the humongous popularity of this years apparent "must have toy" and its nearly impossible to get unless you're wiling to spend big. Hatchimals, as their called, have been selling out all over North America, Europe and Japan since its launch in October. With Christmas just around corner, the lack of supply has increased its popularity even more and has started to create such a demand that its re-sale value has sky-rocketed. Listings for the toy on sites like Kijiji and Ebay show its current re-sale value at three to four times its original price of $69.99. In situations like this it is very difficult to predict exactly what the demand of a toy will be, unfortunately for the manufacturer projections show stock won't be replenished until 2017, well after Christmas.

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Website #1 -  www.cbc.ca - http://bit.ly/2du45cc

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Website #1 -  www.cbc.ca - http://bit.ly/2du45cc

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This website describes the situation of how Canadian producers are trying to meet the surge in exporting demand of their product, specifically hemp hearts. Global food fads along with overseas marketing in places like China and South Korea, have made the demand of the product increase so dramatically that it is outstripping its supply. Saskatchewan hemp growers and processors have anticipated that the demand will continue to grow so they are taking steps to ensure that further demand will be met by both the growing and processing side of the company. An interesting point made is that even though demand is on the rise, there is no guarantee in exactly how high it will rise.

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Website #3 - Bloomberg  - Canada Recreational Pot Sales Could Reach $4.5 Billion by 2021 - http://bloom.bg/2gBt25R

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Website #3 - Bloomberg  - Canada Recreational Pot Sales Could Reach $4.5 Billion by 2021 - http://bloom.bg/2gBt25R

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This website describes the situation of the legalization of marijuana in Canada and its expected sales of 6 billion dollars by 2021. Currently the illegal marijuana industry is estimated at 7 billion dollars per year and costs 2.3 billion to enforce by the government. The federal government of Canada is planning on legalizing recreational marijuana in Canada by 2017 and start sales by 2018. With this expected timeline, by 2021, there will be 3.8 million legal recreational users of marijuana across Canada. The first projected amount of demand for the first year after legalization shows about 400,000 kilograms of cannabis with a rise to 575,000 kilograms by 2021. Such a dramatic increase in demand will create a shortfall of cannabis which won't be back to normal until 2020.

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Demand:  How it affects price and quantity demanded by Stefan Dimitrov 

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Demand:  How it affects price and quantity demanded by Stefan Dimitrov 