We’ve been discussing supply and demand for the past few classes, and it has surprised me how much we apply these theories to everyday life. Obviously we do, as the economy is a constant companion to society, but I’ve never really thought much of these concepts until now.
Honestly, I think that the majority of things we discuss in class are ideas I’ve never given much thought to, which is quite ignorant of me because I should be more interested in the workings and issues of the economy. Oh well, at least I have this class now to help educate me!
ANYWAYS, supply and demand really does apply to everyday life. For example, when I went to the dining hall for lunch today there was a fire/fire drill and there was a large crowd of students milling around the building. I overheard a couple of students say that they were going to head to a different location instead because they didn’t want to wait for the building to open back up; after hearing this, I almost began the walk to the other place before I realized the mistake I was about to make. Since Seacobeck was temporarily closed, everyone would head to the Nest, making it overly crowded. The supply was low (Seacobeck) and the demand was high (food), so the price (or the wait time) would increase. Ah, economics.