Weserville Reflection Blog (7 March 2014)

For this weeks class, we missed school on Monday and Tuesday because of unexpected snow. Wednesday, we learned about demand and how it works. We focus mostly on the demand curve and demand schedule, which we took a quiz or test on Thursday. We also learned to plot graphs from the information the table give us and learned how to move the graphs position. We took notes on demand too at Thursday and learned six things that could affect demand (income, taste, supplementary goods, complementary goods, market size, and expectations). Also we will be working on advertisement (radio, commercial, and adds) to help people notice about Weserville since no one knows about it and Weserville is growing (hope Dushore does not notice. I heard they have a drug problem). 

The law of demand states that if prices goes up, then quantity goes down. If prices goes down, quantity does up. The demand schedule (table) and demand curve (graph) helps us see this. For it to be a demand though, you must have the desire to have it and the ability to pay for it. It is not a demand if you are missing one of them. We learned that quantity changes because of a change in price while demand changes because of something prompts us (Examples: celebrities using it, think it is uncool since parents use it, friends using it, if it is "real" or "fake," etc.).

This could be tied in economics because it can help business balance the demand. Like the movies for example. Most people do not go to the movies from Monday to Thursday since they have work or school, so the theater would lower the ticket price to encourage people that are not at school or work to come. On Fridays to Saturdays though, they would raise the price because now people are not at work and school and have a lot of free time (many people are willing to see movies on weekends).