minimum wage

should it be raised or lowered or abolished? that is the question and proposed for just as good reasons. lets look at it from those who wish have it raised. there are many under the poverty line and that the current minimum wage and need it to be raised so that they have a bigger paycheck to spend on more than just the outrageous space rent and the weeks worth of groceries and the gas to fill the tank of a the car to get to and from work for the next week as well. by raising it they have more money to spend and prop up our failing economy, and support themselves better. but on the flip side by raising the minimum wage it would defeat the purpose it was meant for, helping people who need more money. by raising it owners have to cut the staff to keep up with the revenue they make to meet the minimum requirement to pay workers. so they cut staff to pay those they can and they, rest are let go and they weaken the economy by becoming unemployed and on the system. not very beneficial  but it can be said to argue this point. is that if there was no minimum wage owners and payroll, CEO's will take advantage of the workers and not pay them fairly for the work they do. to keep even more revenue and cause even more problems for if so then more people will be poor and under the poverty line and that the most of the payroll will be going to those closest to the top of the chain of command. where some consider that they are payed too much already  then arguing because of that, the broken system it is already, that it should be abolished. but I believe that that last idea will be of no use and would not do anything to help. so I say let the people have more money which will in turn help the nation and create more jobs aiding in the unemployment, for it they had the money it would be better than watching people  breaking there wallet for gas and food and scrabbling to pay rent at the end of the week.when a higher minimum wage could help them.

price floors

floors where a company must charge a minimum price for a good at least. they could go over but must meet the requirement. a few things on the floors in europe is agriculture products like butter, grains ect. in hopes the price stays in a balance they buy stock of it to protect the economy and the product, so that it allows for more to be supplied next harvest. but the higher prices cause a lot of surplus in the hands of the government not the producer.

price ceilings

price ceilings are of dropped below the normal market equilibrium  to keep a price of a good at a reasonable  price to the people. I enjoy having price ceilings and I wish that there we some that were instituted upon other every day items like milk which can become extreme, bread and gas. but I am all for a lower price on gas but i do not want a repeat of history when there becomes shortages of gas instead. because gas companies could not charge as much as they do at the pump. but if there was a ceiling put upon the gas companies there would be a lot of releaved people but shortages galore. but as a person under the poverty line i would rather have shortages of gas. instead of my mom breaking her wallet for gas and scrabbling to pay rent at the end of the week.

supply artifact

Demand Wrap up

reflective on Demand

substitutes. I remember when one good or product can not be bought by consumers for any number of reasons, like cost, supply, etc. those consumers use substitutes instead of the preferred product.

My dad is a coffeeholic, and his preferred choice of coffee is the morning roast from MJB, (at least that is  what  I think the initials are) well we were not able to buy this kind of coffee for a few months and had to buy Foldgers instead. but my dad survived, I on the other hand stopped drinking coffee because I hate the taste of Foldgers ( our substitute at the time). instead I switched to drinking tea. and I found out I like more kinds of tea than I originally drank. fruit teas are not bad at all. but well the end of the story is that after that experience my dad learned to stock up on more than one can of his coffee. I wonder what other kinds of substitutes there could be instead of tea or coffee it this kinda things happens again?

inelastic and elastic demand

Demand Headlines

Complementary demand:    "Summers Hit Chips and Dip sales soar!"

Substitute Demand:   "Coffee Crop goes bad Coffee Drinkers Grumble as they switch to Tea, Women rejoice"

Elastic Demand:    Fitness Kick grows Sugary Sweets Sales Tank.

Inelastic Demand:  Gas rises again within the week $2.00 more. Driver outraged

"Gas and oil the life's blood to the average american here in the NW. as Gas and oil prices rise driver cringe as they fill up each week. with no end in sight till the gas crisis's end citizens look to the distant future when they hope to see a drop in the prices at the local gas station. one angered consumer commented for us  saying " I can't stop going to the pump. I drive from Portland to Mack each day. but I sometimes have to stay home to conserve gas one day to have enough the next to make it to work." other exasperated drives told us they too have similar problems. yet it seems that we all are wondering whether or not the government will step in and open up a reserve to service the need of the NW. "we can only hold out much longer" Emily Simmons told us. until refineries here in the north west open again we cannot see a foreseeable end to this madness.

Demand

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