Demand Headlines

1. Complementary- "Since the weather has stayed cold, coffee and creamer demand steams ahead."

2. Substitute- "Starbucks go out of business and the line for Dutch Bros. goes all the way to Seattle."

3. E L A S T I C- "LIFE cereal's prices have skyrocketed and the demand has died."

4. Inelastic- " Price of milk goes up, consumers buy, but moo all the way home."

 As much as people say you can substitute milk with soy, or almond milk; the milk from cows is completely irreplaceable. Milk is a utility and serves many different purposes. people use it to wash down cookies, a pb+j, to cover their cereal, to drink! Milk will always be inelastic, even if the price goes up to the double digits.

Demand and Utility

Three goods/services, that I will be purchacing this week are:
                           
                                            1. Dutch Bros. (iced kicker)
                                            2. Piano Music
                                            3. Panera Bagel (cinamon crunch)

The reason I will buy 1. Dutch Bros. is for taste purposes. I buy Dutch everyday becuase it tastes really good and gives me energy

The reason I will buy 2. Piano Music, is because we need more music for worship on sunday morning at my church. I am the worship leader at my church so i am in charge of playing the piano and choosing the music.

The reason I will buy 3. Panera Bagel, is for lunch. It is to satify my hunger needs in the middle of the day.

Markets

     The strengths and weaknessess of the American market economy are the consumers. We are both the strengths and the weaknesses. When we see a "in-style" item, we will stop buying and consuming one item and go to the next. Since a consumer is not perfect, then that means the system cannot be perfect. For example, this year combat boots came into style and other shoes like Uggs and other boots lost some of their  "status". Other things in the economy that make it strong is the unlimited quote "needs" of everyone. In America we buy buy buy. In the American economy, some things do well, and others do not.

Opportunity Cost

     A recent time for me, when I had to choose between two things was when I was deciding which release to take. I wanted to take a release but i could only have one. I was deciding between a first and a fourth. There was oppurtinity costs with both options. If I took a fourth release then I could hang out with my friends, go to work early or work out. However, if I took a first  release, I would be able to sleep in and spend more time eating breakfast and getting ready. Both were very tempting, but in the end I chose a fourh release.

Scarcity

I chose this image because time is scarce for me, I have a job, school, church, and sports, and it all takes up my time. So I hardly ever have time to just relax. So time is scarce.