https://padlet.com/sivart977/32u53271ygs2 By: Travis Godin en-us 2017-04-11 22:12:35 UTC 2024-11-17 16:40:55 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165990357 A look into roles of Consumers and Producers in the Market.

]]> 2017-04-11 22:18:24 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165990357 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165993688 This picture shows the flow of money and services within a market and shows the roles of both parties. Businesses need consumers to buy things and businesses also employ consumers so that they have the means to consume.

https://www.slideshare.net/paneliyakumar/the-circularflow-diagram-efm]]> 2017-04-11 23:16:08 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165993688 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165993891      Buyers will have a higher demand for a product the less expensive it is. Companies should capitalize on this as it will allow them to have a larger market share if their price is better than their competition.

https://www.youtube.com/watch?v=uXlZIn6W7Ew]]> 2017-04-11 23:19:41 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165993891 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165994303     Businesses can take control over the production of a good and be able to sell at a low production cost and get a higher margin to take over the market. Making buyers only able to choose one seller for their needs.

https://www.youtube.com/watch?v=7UWgKZsKZOc]]> 2017-04-11 23:27:42 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165994303 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165995191  Companies control the supply of a product to a consumer, the higher the price of a product the more likely they are to sell the product, as it is more profitable for them to do so. The reveres  is true if the product is less expensive, companies will want to sell the product less than they would a more expensive product and will supply less of it. 


https://www.youtube.com/watch?v=KccMcf_xOQU]]> 2017-04-11 23:43:04 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165995191 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165995290      In a market, Consumers have a choice to buy or not buy a service based on the opportunity cost. On one hand, they could choose to spend time and money on a Spa, or instead stay home and get their spouse to massage them. In this instance, the opportunity cost would be money spent to go to a Spa plus the cost you save if you stay home.

http://www.econlib.org/library/Enc/OpportunityCost.html]]> 2017-04-11 23:45:02 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165995290 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165995847 The role of a Consumer in the market is to buy things that the Producers sell, to keep the market afloat. The consumer can also cause the market to shift by choosing one product over the other, thus creating an economic vote and edging out the unpopular product. However, this power to choose one product over the other must be used with a level of responsibility; or else the market may favor a product or service that isn’t right for their needs.

https://fee.org/articles/the-consumers-role/]]> 2017-04-11 23:57:41 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165995847 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/165997708      In a perfect competition amongst sellers, prices and the supply of a product or service would be the same. Unfortunately, the market is never perfect and businesses usually make products that are different from their competitors and try to sell it differently, to control a larger portion of the market. Because of this, consumers are given a wide choice of goods and services they can invest their money into. That is unless the competition has been cast out and monopoly is formed.
http://www.investopedia.com/terms/p/perfectcompetition.asp]]> 2017-04-12 00:27:31 UTC https://padlet.com/sivart977/32u53271ygs2/wish/165997708 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/166001899 Economics is the study of human behavior regarding how they want to fulfill their infinite wants with their limited resources. People have a limited amount of money and they want/need to spend it on goods and services.  The goal of Economics is to study what affects their buying behaviors and try to capitalize on it to become profitable or competitive in a market.

http://library.mcla.edu/economics]]> 2017-04-12 01:26:47 UTC https://padlet.com/sivart977/32u53271ygs2/wish/166001899 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/166004976 The role of the Buyer is to purchase or invest in goods in services, whereas the role of the seller is to provide goods and services to buyers in a way that will make buyers want to spend their money. Both parties need each other for the relationship to stay strong as if either one stops providing their resources then there could be an economic collapse, a business could go under, or someone could not be provided with something they need. It is the relationship between the buyer and the seller that keeps the Economy afloat.

https://clipartfest.com/categories/view/60a40e9e9a8a49fddd590b79edf434c7bce2d80c/public-market-clipart.html]]> 2017-04-12 01:59:38 UTC https://padlet.com/sivart977/32u53271ygs2/wish/166004976 sivart977 https://padlet.com/sivart977/32u53271ygs2/wish/166006581 2017-04-12 02:25:31 UTC https://padlet.com/sivart977/32u53271ygs2/wish/166006581