https://padlet.com/s_jack_taylor/gedx4e6gdy38 By: Jack Taylor en-us 2017-02-25 22:07:04 UTC 2023-03-18 04:53:17 UTC hello@padlet.com s_jack_taylor https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156211193  Shoes are those amazing things that we wear on our feat every day to help us get through the day without being in pain the whole time. But the market and society has turned it into a way to express personality as well. Humans have also developed many different types of shoes from athletic shoes to fancy dress shoes, which allows so much diversity between types of shoes. This are one of the few reasons that shoes are such a great economic example.]]> 2017-02-25 22:09:51 UTC https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156211193 s_jack_taylor https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156211541  The shoe industry has had a lot of competition for a long time. All the companies have been working harder and harder to produce better shoes than the other companies. For example, Nike and Adidas have been going head and head for a long time trying to create the perfect athletic shoe that creates comfort and a great performance while also keeping the shoe at a reasonable price. This battle between the two companies is a great example of competition because it shows how companies race against each other in an endless race to the better product. ]]> 2017-02-25 22:18:43 UTC https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156211541 s_jack_taylor https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156212387  There are many shoe companies that specialize in different kinds of shoes. This is due to society and the market creating discovering that different professions and different kinds of jobs that people do require different kinds of footwear. So basically, any new company that comes into the market has the choice to produce a certain type of shoe, which makes the types of shoes they didn't make an opportunity cost. For example, when the Nike company came into the market, they had the choice of producing whatever type of shoe they want. Of course they chose Athletic and they now are one of the top brands for athletic shoes. But the opportunity cost of this choice was the other types of shoes they could've made.]]> 2017-02-25 22:53:05 UTC https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156212387 s_jack_taylor https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156212940  The main reason that people buy shoes are because its much more comfortable for people to have shoes on when they walk around the whole day. Anyway, who wants to come home and have aching feet every day? But the thing is some people need these shoes more than others. For example, someone who has to walk around and deliver things would need very comfortable shoes so that they can do their job without pain. But someone who is just sitting at a desk wouldn't need very comfortable shoes. This is where Marginal/Benefit Analysis comes in. In the market today, the more comfortable the shoe, the more expensive it is. So if you were employed at a desk job, you wouldn't want to spend to much money on shoes, but just enough to keep your feet comfortable. so for example, you wouldn't want to buy a $140 pair of shoes, but you might want to spend maybe $60 dollars on a good, but cheap pair of shoes. But if you had to do outdoor work, it wouldn't be a bad investment to spend $160 on a pair of timberland boots.]]> 2017-02-25 23:15:14 UTC https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156212940 s_jack_taylor https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156287495  The prices of shoes have always been all around, of course depending on the shoe. Most of the time, prices of the shoe depend on the material in the shoe, and the average common price on that type of shoe. For example, one pair of shoes that we all know is expensive is Timberland boots. This is because of the material its made of and how this material isn't able to be scuffed or isn't stained with mud or other annoying things. This factor dramatically raises the price of the boots because of how rare it is to find boots that cant be scuffed or stained. This is why prices of shoes are the way they are.]]> 2017-02-26 23:48:26 UTC https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156287495 s_jack_taylor https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156288452  Now one of the main reasons people buy shoes are because of the ground we walk on and how it affects our feet very badly. The pain that we feel is a very big incentive to buy shoes so that we wont have to feel it anymore. For example, if someone was working outside in a rock yard, of course they are going to have boots on because if they didn't, their feet would be incredible pain. But of course, their is disincentives to buy shoes. The prices. The prices of shoes do seem like a lot when people look at it for the first time. No one wants to pay $70 to $160 for a pair of shoes because it doesn't seem like its worth it. So its mostly A marginal/benefit analysis event when deciding what type of shoe to buy. ]]> 2017-02-27 00:01:18 UTC https://padlet.com/s_jack_taylor/gedx4e6gdy38/wish/156288452