Supply And Demand Essay Example For Students

Supply And Demand Essay Supply Demand In this article it went into great detail about Supply , Demand and Equilibrium of Pokemon Cards. The article explained how during Christmas there was a flood of Pokemon Cards to the Market Place the area within which buyers and sellers of a good or service interact and engage in exchange. It stated how the Supply set of quantities of a good or service per unit of time that sellers would be willing to place on the market at various alternative prices of an item or other things being equal , increase rapidly this being called a Supply Shock. It then went into details that if the market was flooded with these Pokemon cards at Christmas the n the price value of the cards would drop. But not necessarily because of Demand amounts of a product that consumers are willing and able to buy at each price in a set of possible prices at a time. We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now If the kids that received Pokemon for Christmas are new to the market then there might be a shift in demand, unlike the kids that have already been into the market with Pokemon Cards. So there could be a rise in the price or a decrease depending on the demand. The article illustrates greatly on the Quantity Supplied amount of a good or service that people are willing to sell, Quantity Demanded amount of a good or service that people are willing to purchase. Supply Curve as prices rise the quantity that people are willing to sell rises (Law of Supply). Demand Curve as prices rise the quantity that people are willing to buy falls (Law of Demand). Equilibrium reached when supply equals quantity demanded. Economics Essays . Supply And Demand Essay Example For Students Supply And Demand Essay Recent medical advances have greatly enhanced the ability to successfully transplant organs and tissue. Forty-five years ago the first successful kidney transplant was performed in the United States, followed twenty years later by the first heart transplant. Statistics from the United Network for Organ Sharing (ONOS) indicate that in 1998 a total of 20,961 transplants were performed in the United States. Although the number of transplants has risen sharply in recent years, the demand for organs far outweighs the supply. To date, more than 65,000 people are on the national organ transplant waiting list and about 4,000 of them will die this year- about 11 every day- while waiting for a chance to extend their life through organ donation (Yoakam 1). We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now This figure, when looked at from an economic standpoint, exemplifies a case of Supply And Demand Essay between organ donors and patients with a diseased organ. Just as there is a supply and demand in any given market, there are also complementary and substitute goods. Who decides who gets transplants and who doesnt? This question implies that the organ market also needs to have various, effective allocation mechanisms. The organ market has complementary and substitute goods and can use various effective allocation mechanisms. A person that receives an organ transplant almost always requires several complementary goods. One obvious good is the medical care received for the actual transplant and for follow-up doctors visits. For most people who undergo an organ or tissue transplant the quality of their life and general overall health improves following the transplant. Persons who receive a transplant are frequently required to take a series of medications that suppress their immune system and prevent their body from rejecting the newly acquired organ. They often will need to undergo frequent medical visits and testing to monitor the transplanted organ. At times, the organ transplant will be unsuccessful and the organ may need to be removed. These people will be placed back on the waiting list for another organ (Yoakam). Two more goods are the medication to prevent rejection and (assuming the patient has insurance) payments made by the patients insurance company for the patients care. The donors family is not responsible for the costs incurred through organ donation. The recipient, most times through their insurance carrier or Medicare pays for all of the costs related to the donation of organs and tissue. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the complementary good will decrease. The converse of a complementary good is a substitute good. In the organ market, a substitute good really depends on what organ is being considered. People with diseased livers are particularly at risk because there is no medical alternative to transplantation for keeping a patientalive. The only two obvious substitute goods for a liver transplant would be extensive medical care and pain medications. On the other hand, someone with diseased kidneys has more options. One obvious option would be dialysis. But, when looked at as a whole, the organ market does have substitute goods. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the substitute good will increase. Since the National Organ Transplant Act of 1984 prevents a monetary price from being placed on a donated organ, effective allocation mechanisms must be utilized. Allocation mechanisms must be accessed because the shortage of supply compared to the demand. In any market, allocation mechanisms rely on many factors but some include friendships, under the table payments, predicted profit, and personal biases. In the organ market, several allocation mechanisms come to mind. There is always the possibility that a particular patient has a family member or friend that is in the organ transplantation profession, and/or the family of the patient is able to pay-off someone in charge of the distribution of organs. In reality, these two mechanisms are frowned upon for their lack of morality. One real possibility for an allocation mechanism is to make a waiting list on a first-come first-served basis. .u28056004e9063e2ff5a52171b42df943 , .u28056004e9063e2ff5a52171b42df943 .postImageUrl , .u28056004e9063e2ff5a52171b42df943 .centered-text-area { min-height: 80px; position: relative; } .u28056004e9063e2ff5a52171b42df943 , .u28056004e9063e2ff5a52171b42df943:hover , .u28056004e9063e2ff5a52171b42df943:visited , .u28056004e9063e2ff5a52171b42df943:active { border:0!important; } .u28056004e9063e2ff5a52171b42df943 .clearfix:after { content: ""; display: table; clear: both; } .u28056004e9063e2ff5a52171b42df943 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u28056004e9063e2ff5a52171b42df943:active , .u28056004e9063e2ff5a52171b42df943:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u28056004e9063e2ff5a52171b42df943 .centered-text-area { width: 100%; position: relative ; } .u28056004e9063e2ff5a52171b42df943 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u28056004e9063e2ff5a52171b42df943 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u28056004e9063e2ff5a52171b42df943 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u28056004e9063e2ff5a52171b42df943:hover .ctaButton { background-color: #34495E!important; } .u28056004e9063e2ff5a52171b42df943 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u28056004e9063e2ff5a52171b42df943 .u28056004e9063e2ff5a52171b42df943-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u28056004e9063e2ff5a52171b42df943:after { content: ""; display: block; clear: both; } READ: Prostitution Essay This method would only be for those who, in a panel of doctors professional opinions, had a chance to survive after the transplant. . Supply And Demand Essay Example For Students Supply And Demand Essay Economics, Supply And Demand Essay In the article we find that teenagers have the oppertunity to be demanding about their salary in the baby sitting field, because the amount of babysitters today are scarce. The babysitting population, teenagers, find themselves busy with school, part time jobs, and extracirricular activity. Teenagers with drivers licenses are even more scarce than those with out, all in all, Its hard to find a babysitter. Times have changed, just twenty years ago there were 33 million children who needed to be watched, and 39 million babysitters(age 10 19), recent polls suggest that children that need to be watched raised 18 percent to 39 million while baby sitters dropped 5 percent to 37 million. The rise in children coupled with American families spending more time out then years ago, has allowed the babysitters to set their price with out haggeling. We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now Baby sitters are making well over the federal minimum wage of $5.15 an hour because they are in demand, and scarce; the babysitters who train in CPR, serve dinner, and drive are the hardest to come by and can demand the highest wages. In this article we see many examples of supply and damand and the powers of supply and demand. Babysitters are in demand, there is an increase in the amount of children who need to be watched yet there are relativly few who choose to babysit from the allready decreased amount of the babysitter work force. This gives the babysitter the advantage of a noncompetitive work force, allowing the baby sitter to set the price with out bargaining. If we were to compare two different production possibility frontiers, we would see a left shift of the curve while demand for baby sitters rises, from 1980 to 1996. In economics we concider this an inflation, the amount of resources(babysitters) decreased while the demand for them rose. This is what we would concider the begining of an econic problem because the resources are scarce. This resulted in an increase of price for that service. We also see that the most experienced, oldest, responcible, and best trained babysitters set the highest prices by up to 60% from a ;novice; sallery of $4 to a ;expert; sallery of $10 and consumers are willing to pay. A consumer is willing to pay that extra $6 an hour for the piece of mind they get when they go out and know that their children are being attending to in the best possible way, much like a consumer is willing to by name brand products for a higher price because they just ;feel; like its better. In the next two or three years the work force of the babysitters will grow, and so will the number of people under the age of 10, this will show a steady PPC with no signs of relief for the consumer. This article shows the power of supply and demand. 20 years ago when children under the age of 10 and baby sitters age 10-19 were both fewer, we saw more competition between the baby sitters resulting in price decreases. Today with fewer baby sitters, all with busy scheduals, and more young children we see the damand increase resulting in an increase of price. Economics . Supply And Demand Essay Example For Students Supply And Demand Essay On January 30, millions of televisions will be tuned in to the American Broadcast Companys live coverage of the Super Bowl. The three hour-plus event draws as many as 130 million viewers at one time. According to NFL Research, sixty eight percent of Super Bowl viewers say they pay attention to the commercials and fifty two percent said they discussed the ads the next day. With so many people watching the event, businesses see the Super Bowl as a golden opportunity to lure in profits by utilizing the commercial air time available. Due to the unlimited wants and limited resources, an economic condition called scarcity results. We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now Another economic principle, called investment, is exemplified in this article. Scarcity is a condition that exists because society has unlimited wants and needs, but there are limited resources for their satisfaction. During the three hour-plus football game, there will be opportunities for large businesses (and even some small businesses who have gambled on this form of advertising) to display their product or service to over a hundred million people. At an even greater expense, some companies are sponsoring pre-game, half-time, and post-game shows. Why does it cost so much money? Commercials during the Super Bowl are very powerful means of advertising. Companies can appeal to a larger audience by advertising during an event that is widely watched among all different groups. The commercials are also quite expensive because of the limited quantity. Advertising during the Super Bowl is a very smart investment. Investment is defined by the sacrifice of current benefits to pursue an activity with expectations of greater future benefits or rewards. Does this apply to the Super Bowl? Yes. Companies will dish out millions of dollars for 30-second blocks of air time. Some companies may even purchase more than that. The short term result is a loss of millions. That money invested in advertising, however, should return much more than that which was invested. The commercial air time during the Super Bowl is such a valuable commodity, that although it costs millions of dollars, those who invest in this form of advertising believe they will make a much greater profit in return. 380 Words Bibliography Catherine Valenti, (January 16,2000), War of the Web Sites, ABCNEWS.com, http://www.abcnews. go.com/sections/business/dailynews/superbowl_netads_000113.html Economics . Supply And Demand Essay Example For Students Supply And Demand Essay Economics, Supply And Demand Essay In the article we find that teenagers have the oppertunity to be demanding about their salary in the baby sitting field, because the amount of babysitters today are scarce. The babysitting population, teenagers, find themselves busy with school, part time jobs, and extracirricular activity. Teenagers with drivers licenses are even more scarce than those with out, all in all, Its hard to find a babysitter. Times have changed, just twenty years ago there were 33 million children who needed to be watched, and 39 million babysitters(age 10 19), recent polls suggest that children that need to be watched raised 18 percent to 39 million while baby sitters dropped 5 percent to 37 million. The rise in children coupled with American families spending more time out then years ago, has allowed the babysitters to set their price with out haggeling. We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now Baby sitters are making well over the federal minimum wage of $5.15 an hour because they are in demand, and scarce; the babysitters who train in CPR, serve dinner, and drive are the hardest to come by and can demand the highest wages. In this article we see many examples of supply and damand and the powers of supply and demand. Babysitters are in demand, there is an increase in the amount of children who need to be watched yet there are relativly few who choose to babysit from the allready decreased amount of the babysitter work force. This gives the babysitter the advantage of a noncompetitive work force, allowing the baby sitter to set the price with out bargaining. If we were to compare two different production possibility frontiers, we would see a left shift of the curve while demand for baby sitters rises, from 1980 to 1996. In economics we concider this an inflation, the amount of resources(babysitters) decreased while the demand for them rose. This is what we would concider the begining of an econic problem because the resources are scarce. This resulted in an increase of price for that service. We also see that the most experienced, oldest, responcible, and best trained babysitters set the highest prices by up to 60% from a novice sallery of $4 to a expert sallery of $10 and consumers are willing to pay. A consumer is willing to pay that extra $6 an hour for the piece of mind they get when they go out and know that their children are being attending to in the best possible way, much like a consumer is willing to by name brand products for a higher price because they just feel like its better. In the next two or three years the work force of the babysitters will grow, and so will the number of people under the age of 10, this will show a steady PPC with no signs of relief for the consumer. This article shows the power of supply and demand. 20 years ago when children under the age of 10 and baby sitters age 10-19 were both fewer, we saw more competition between the baby sitters resulting in price decreases. Today with fewer baby sitters, all with busy scheduals, and more young children we see the damand increase resulting in an increase of price. . Supply and Demand Essay Example For Students Supply and Demand Essay Recent medical advances have greatly enhanced the ability to successfully transplant organs and tissue. Forty-five years ago the first successful kidney transplant was performed in the United States, followed twenty years later by the first heart transplant. Statistics from the United Network for Organ Sharing (ONOS) indicate that in 1998 a total of 20,961 transplants were performed in the United States. Although the number of transplants has risen sharply in recent years, the demand for organs far outweighs the supply. To date, more than 65,000 people are on the national organ transplant waiting list and about 4,000 of them will die this year- about 11 every day- while waiting for a chance to extend their life through organ donation (Yoakam 1). This figure, when looked at from an economic standpoint, exemplifies a case of supply and demand between organ donors and patients with a diseased organ. Just as there is a supply and demand in any given market, there are also complementary a nd substitute goods. Who decides who gets transplants and who doesnt? This question implies that the organ market also needs to have various, effective allocation mechanisms. The organ market has complementary and substitute goods and can use various effective allocation mechanisms. We will write a custom essay on Supply and Demand specifically for you for only $16.38 $13.9/page Order now A person that receives an organ transplant almost always requires several complementary goods. One obvious good is the medical care received for the actual transplant and for follow-up doctors visits. For most people who undergo an organ or tissue transplant the quality of their life and general overall health improves following the transplant. Persons who receive a transplant are frequently required to take a series of medications that suppress their immune system and prevent their body from rejecting the newly acquired organ. They often will need to undergo frequent medical visits and testing to monitor the transplanted organ. At times, the organ transplant will be unsuccessful and the organ may need to be removed. These people will be placed back on the waiting list for another organ (Yoakam). Two more goods are the medication to prevent rejection and (assuming the patient has insurance) payments made by the patients insurance company for the patients care. The donors family is no t responsible for the costs incurred through organ donation. The recipient, most times through their insurance carrier or Medicare pays for all of the costs related to the donation of organs and tissue. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the complementary good will decrease. The converse of a complementary good is a substitute good. In the organ market, a substitute good really depends on what organ is being considered. People with diseased livers are particularly at risk because there is no medical alternative to transplantation for keeping a patientalive. The only two obvious substitute goods for a liver transplant would be extensive medical care and pain medications. On the other hand, someone with diseased kidneys has more options. One obvious option would be dialysis. But, when looked at as a whole, the organ market does have substitute goods. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the substitute good will increase. Since the National Organ Transplant Act of 1984 prevents a monetary price from being placed on a donated organ, effective allocation mechanisms must be utilized. Allocation mechanisms must be accessed because the shortage of supply compared to the demand. In any market, allocation mechanisms rely on many factors but some include friendships, under the table payments, predicted profit, and personal biases. .u5d0431394c7a424eca3d6070bb98fc08 , .u5d0431394c7a424eca3d6070bb98fc08 .postImageUrl , .u5d0431394c7a424eca3d6070bb98fc08 .centered-text-area { min-height: 80px; position: relative; } .u5d0431394c7a424eca3d6070bb98fc08 , .u5d0431394c7a424eca3d6070bb98fc08:hover , .u5d0431394c7a424eca3d6070bb98fc08:visited , .u5d0431394c7a424eca3d6070bb98fc08:active { border:0!important; } .u5d0431394c7a424eca3d6070bb98fc08 .clearfix:after { content: ""; display: table; clear: both; } .u5d0431394c7a424eca3d6070bb98fc08 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u5d0431394c7a424eca3d6070bb98fc08:active , .u5d0431394c7a424eca3d6070bb98fc08:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u5d0431394c7a424eca3d6070bb98fc08 .centered-text-area { width: 100%; position: relative ; } .u5d0431394c7a424eca3d6070bb98fc08 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u5d0431394c7a424eca3d6070bb98fc08 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u5d0431394c7a424eca3d6070bb98fc08 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u5d0431394c7a424eca3d6070bb98fc08:hover .ctaButton { background-color: #34495E!important; } .u5d0431394c7a424eca3d6070bb98fc08 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u5d0431394c7a424eca3d6070bb98fc08 .u5d0431394c7a424eca3d6070bb98fc08-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u5d0431394c7a424eca3d6070bb98fc08:after { content: ""; display: block; clear: both; } READ: The Grand About Reconstruction EssayIn the organ market, several allocation mechanisms come to mind. There is always the possibility that a particular patient has a family member or friend that is in the organ transplantation profession, and/or the family of the patient is able to pay-off someone in charge of the distribution of organs. In reality, these two mechanisms are frowned upon for their lack of morality. One real possibility for an allocation mechanism is to make a waiting list on a first-come first-served basis. This method would only be for those who, in a panel of doctors professional opinions, had a chance to survive after the transplant. In other words, those dying with cancer along with a diseased organ would not be on the list. During the week of April 14, 2000, National Oragan and Tissue Donor Awareness Week, the President of the United States gave a proclomation. In this he stated, To address this critical and growing need, Vice President Gore and Secretary of Health and Human Services Shalala launched the National Organ and Tissue Donation Initiative in December of 1997. This public-private partnership was designed to raise awareness of the success of organ and tissue transplanta-tion and to educate our citizens about the urgent need for increased donation. Working with partners such as health care organiza-tions, estate planning attorneys, faith communities, educational organizations, the media, minority organizations, and business leaders, the Initiative is reaching out to Americans of all ages, backgrounds, and races, asking them to consider donation. In its first year alone, the Initiative made a measurable impact, as organ don ation increased by 5.6 percent. Although morals can play a part in the organ market, economic principles are definitely present. All of the aforementioned material is based on ceteris paribus. Complementary and substitute goods are associated with the organ market. These goods, although varying with different organs, are affected by the price of organs just like any other market. Since there is a shortage of supply compared to the demand, allocation mechanisms are necessary. Some of these mechanisms can be morally bound. Since a persons life is on the line in this market, any dead-weight loss at all is a serious matter. One can only hope this market is more concerned for life than it is for economic benefits. Yoakam, Diane M. Organ Donation: The Gift of Life. 1999. http://www.healthatoz.com/atoz/readingroom/Organ.aspBibliography: Supply and Demand Essay Example For Students Supply and Demand Essay Recent medical advances have greatly enhanced the ability to successfully transplant organs and tissue. Forty-five years ago the first successful kidney transplant was performed in the United States, followed twenty years later by the first heart transplant. Statistics from the United Network for Organ Sharing (ONOS) indicate that in 1998 a total of 20,961 transplants were performed in the United States. Although the number of transplants has risen sharply in recent years, the demand for organs far outweighs the supply. To date, more than 65,000 people are on the national organ transplant waiting list and about 4,000 of them will die this year- about 11 every day- while waiting for a chance to extend their life through organ donation (Yoakam 1). We will write a custom essay on Supply and Demand specifically for you for only $16.38 $13.9/page Order now This figure, when looked at from an economic standpoint, exemplifies a case of Supply and Demand Essay between organ donors and patients with a diseased organ. Just as there is a supply and demand in any given market, there are also complementary and substitute goods. Who decides who gets transplants and who doesnt? This question implies that the organ market also needs to have various, effective allocation mechanisms. The organ market has complementary and substitute goods and can use various effective allocation mechanisms. A person that receives an organ transplant almost always requires several complementary goods. One obvious good is the medical care received for the actual transplant and for follow-up doctors visits. For most people who undergo an organ or tissue transplant the quality of their life and general overall health improves following the transplant. Persons who receive a transplant are frequently required to take a series of medications that suppress their immune system and prevent their body from rejecting the newly acquired organ. They often will need to undergo frequent medical visits and testing to monitor the transplanted organ. At times, the organ transplant will be unsuccessful and the organ may need to be removed. These people will be placed back on the waiting list for another organ (Yoakam). Two more goods are the medication to prevent rejection and (assuming the patient has insurance) payments made by the patients insurance company for the patients care. The donors family is not responsible for the costs incurred through organ donation. The recipient, most times through their insurance carrier or Medicare pays for all of the costs related to the donation of organs and tissue. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the complementary good will decrease. The converse of a complementary good is a substitute good. In the organ market, a substitute good really depends on what organ is being considered. People with diseased livers are particularly at risk because there is no medical alternative to transplantation for keeping a patientalive. The only two obvious substitute goods for a liver transplant would be extensive medical care and pain medications. On the other hand, someone with diseased kidneys has more options. One obvious option would be dialysis. But, when looked at as a whole, the organ market does have substitute goods. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the substitute good will increase. Since the National Organ Transplant Act of 1984 prevents a monetary price from being placed on a donated organ, effective allocation mechanisms must be utilized. Allocation mechanisms must be accessed because the shortage of supply compared to the demand. In any market, allocation mechanisms rely on many factors but some include friendships, under the table payments, predicted profit, and personal biases. In the organ market, several allocation mechanisms come to mind. There is always the possibility that a particular patient has a family member or friend that is in the organ transplantation profession, and/or the family of the patient is able to pay-off someone in charge of the distribution of organs. In reality, these two mechanisms are frowned upon for their lack of morality. One real possibility for an allocation mechanism is to make a waiting list on a first-come first-served basis. .u18c262fea2f8da34beb16c4a3e3103fb , .u18c262fea2f8da34beb16c4a3e3103fb .postImageUrl , .u18c262fea2f8da34beb16c4a3e3103fb .centered-text-area { min-height: 80px; position: relative; } .u18c262fea2f8da34beb16c4a3e3103fb , .u18c262fea2f8da34beb16c4a3e3103fb:hover , .u18c262fea2f8da34beb16c4a3e3103fb:visited , .u18c262fea2f8da34beb16c4a3e3103fb:active { border:0!important; } .u18c262fea2f8da34beb16c4a3e3103fb .clearfix:after { content: ""; display: table; clear: both; } .u18c262fea2f8da34beb16c4a3e3103fb { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u18c262fea2f8da34beb16c4a3e3103fb:active , .u18c262fea2f8da34beb16c4a3e3103fb:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u18c262fea2f8da34beb16c4a3e3103fb .centered-text-area { width: 100%; position: relative ; } .u18c262fea2f8da34beb16c4a3e3103fb .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u18c262fea2f8da34beb16c4a3e3103fb .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u18c262fea2f8da34beb16c4a3e3103fb .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u18c262fea2f8da34beb16c4a3e3103fb:hover .ctaButton { background-color: #34495E!important; } .u18c262fea2f8da34beb16c4a3e3103fb .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u18c262fea2f8da34beb16c4a3e3103fb .u18c262fea2f8da34beb16c4a3e3103fb-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u18c262fea2f8da34beb16c4a3e3103fb:after { content: ""; display: block; clear: both; } READ: Underage drinking Essay This method would only be for those who, in a panel of doctors professional opinions, had a chance to survive after the transplant. . Supply and demand Essay Example For Students Supply and demand Essay Supply and demand Essay is defined as the relationship between the quantity that producers wish to sell at various prices and the quantity of a commodity that consumers wish to buy. In the functioning of an economy, supply and demand plays an important role in the economic decisions in which a company or individual may make. The quantity of a commodity demanded depends on the price of the commodity, the prices of all other commodities, the incomes of the consumers as well as the consumers taste. The quantity of a commodity supplied depends on the price obtainable for the commodity as well the price obtainable for substitute goods, the techniques of production, the cost of labor and other factors of production. It is supply and demand that causes a market to reach equilibrium. We will write a custom essay on Supply and demand specifically for you for only $16.38 $13.9/page Order now If buyers wish to purchase more of a commodity than that of which is available at a given price, then the price will to tend to rise. If they wish to purchase less of a commodity than that of which is available, then the price will tend to drop. Consequently, the price will reach equilibrium at which the quantity demanded is just equal to the quantity supplied. The resources needed to supply commodities often tend to be scarce so that there is always competition. The term invisible hand is the natural force that guides the market to this competition for scarce resources. Without the invisible hand theory then there would be no competition for resources thus creating a market where prices would be determined almost free of debate. There would be no market to determine set prices for any type of commodity. Therefore, many companies and individuals would lose out on economic prosperity to larger companies who could sell more and sell more at higher prices. Supply and demand is the root of all economic pricing. Economic pricing uses the theory of the invisible hand to create a market demand that avoids monopolistic tactics. In the functioning of an economy supply and demand is the basis for all pricing of any given commodity. Bibliography: . Supply And Demand Essay Example For Students Supply And Demand Essay Recent medical advances have greatly enhanced the ability to successfully transplant organs and tissue. Forty-five years ago the first successful kidney transplant was performed in the United States, followed twenty years later by the first heart transplant. Statistics from the United Network for Organ Sharing (ONOS) indicate that in 1998 a total of 20,961 transplants were performed in the United States. Although the number of transplants has risen sharply in recent years, the demand for organs far outweighs the supply. To date, more than 65,000 people are on the national organ transplant waiting list and about 4,000 of them will die this year- about 11 every day- while waiting for a chance to extend their life through organ donation (Yoakam 1). We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now This figure, when looked at from an economic standpoint, exemplifies a case of Supply And Demand Essay between organ donors and patients with a diseased organ. Just as there is a supply and demand in any given market, there are also complementary and substitute goods. Who decides who gets transplants and who doesnt? This question implies that the organ market also needs to have various, effective allocation mechanisms. The organ market has complementary and substitute goods and can use various effective allocation mechanisms. A person that receives an organ transplant almost always requires several complementary goods. One obvious good is the medical care received for the actual transplant and for follow-up doctors visits. For most people who undergo an organ or tissue transplant the quality of their life and general overall health improves following the transplant. Persons who receive a transplant are frequently required to take a series of medications that suppress their immune system and prevent their body from rejecting the newly acquired organ. They often will need to undergo frequent medical visits and testing to monitor the transplanted organ. At times, the organ transplant will be unsuccessful and the organ may need to be removed. These people will be placed back on the waiting list for another organ (Yoakam). Two more goods are the medication to prevent rejection and (assuming the patient has insurance) payments made by the patients insurance company for the patients care. The donors family is not responsible for the costs incurred through organ donation. The recipient, most times through their insurance carrier or Medicare pays for all of the costs related to the donation of organs and tissue. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the complementary good will decrease. The converse of a complementary good is a substitute good. In the organ market, a substitute good really depends on what organ is being considered. People with diseased livers are particularly at risk because there is no medical alternative to transplantation for keeping a patientalive. The only two obvious substitute goods for a liver transplant would be extensive medical care and pain medications. On the other hand, someone with diseased kidneys has more options. One obvious option would be dialysis. But, when looked at as a whole, the organ market does have substitute goods. If the price of organs increases (whether due to an increase in demand or decrease in supply) the demand for the substitute good will increase. Since the National Organ Transplant Act of 1984 prevents a monetary price from being placed on a donated organ, effective allocation mechanisms must be utilized. Allocation mechanisms must be accessed because the shortage of supply compared to the demand. In any market, allocation mechanisms rely on many factors but some include friendships, under the table payments, predicted profit, and personal biases. In the organ market, several allocation mechanisms come to mind. There is always the possibility that a particular patient has a family member or friend that is in the organ transplantation profession, and/or the family of the patient is able to pay-off someone in charge of the distribution of organs. In reality, these two mechanisms are frowned upon for their lack of morality. One real possibility for an allocation mechanism is to make a waiting list on a first-come first-served basis. .u61ee1075ebc912551b1717ad02083712 , .u61ee1075ebc912551b1717ad02083712 .postImageUrl , .u61ee1075ebc912551b1717ad02083712 .centered-text-area { min-height: 80px; position: relative; } .u61ee1075ebc912551b1717ad02083712 , .u61ee1075ebc912551b1717ad02083712:hover , .u61ee1075ebc912551b1717ad02083712:visited , .u61ee1075ebc912551b1717ad02083712:active { border:0!important; } .u61ee1075ebc912551b1717ad02083712 .clearfix:after { content: ""; display: table; clear: both; } .u61ee1075ebc912551b1717ad02083712 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u61ee1075ebc912551b1717ad02083712:active , .u61ee1075ebc912551b1717ad02083712:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u61ee1075ebc912551b1717ad02083712 .centered-text-area { width: 100%; position: relative ; } .u61ee1075ebc912551b1717ad02083712 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u61ee1075ebc912551b1717ad02083712 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u61ee1075ebc912551b1717ad02083712 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u61ee1075ebc912551b1717ad02083712:hover .ctaButton { background-color: #34495E!important; } .u61ee1075ebc912551b1717ad02083712 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u61ee1075ebc912551b1717ad02083712 .u61ee1075ebc912551b1717ad02083712-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u61ee1075ebc912551b1717ad02083712:after { content: ""; display: block; clear: both; } READ: Do children owe their parents? Essay This method would only be for those who, in a panel of doctors professional opinions, had a chance to survive after the transplant. . Supply And Demand Essay Example For Students Supply And Demand Essay On January 30, millions of televisions will be tuned in to the American Broadcast Companys live coverage of the Super Bowl. The three hour-plus event draws as many as 130 million viewers at one time. According to NFL Research, sixty eight percent of Super Bowl viewers say they pay attention to the commercials and fifty two percent said they discussed the ads the next day. With so many people watching the event, businesses see the Super Bowl as a golden opportunity to lure in profits by utilizing the commercial air time available. We will write a custom essay on Supply And Demand specifically for you for only $16.38 $13.9/page Order now Due to the unlimited wants and limited resources, an economic condition called scarcity results. Another economic principle, called investment, is exemplified in this article. Scarcity is a condition that exists because society has unlimited wants and needs, but there are limited resources for their satisfaction. During the three hour-plus football game, there will be opportunities for large businesses (and even some small businesses who have gambled on this form of advertising) to display their product or service to over a hundred million people. At an even greater expense, some companies are sponsoring pre-game, half-time, and post-game shows. Why does it cost so much money? Commercials during the Super Bowl are very powerful means of advertising. Companies can appeal to a larger audience by advertising during an event that is widely watched among all different groups. The commercials are also quite expensive because of the limited quantity. Advertising during the Super Bowl is a very smart investment. Investment is defined by the sacrifice of current benefits to pursue an activity with expectations of greater future benefits or rewards. Does this apply to the Super Bowl? Yes. Companies will dish out millions of dollars for 30-second blocks of air time. Some companies may even purchase more than that. The short term result is a loss of millions. That money invested in advertising, however, should return much more than that which was invested. The commercial air time during the Super Bowl is such a valuable commodity, that although it costs millions of dollars, those who invest in this form of advertising believe they will make a much greater profit in return. 380 Words Bibliography Catherine Valenti, (January 16,2000), War of the Web Sites, ABCNEWS.com, http://www.abcnews. go.com/sections/business/dailynews/superbowl_netads_000113.html .