Supply Demand Analysis
Economics, supply and demand 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, It's 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. 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
The Benefits of Trade
The Benefits of Trade There are a number of benefits the citizens and firms of a country may enjoy as a result of being able to trade freely with the citizens and firms of another country. * The benefits of specialisation * The benefits of competition * The benefit of choice By specialising in the production of goods and services the firms of a country will produce with a higher level of productive efficiency. The surpluses produced can then be traded with the surpluses of other countries. By specialising in the production of goods and services where there is an absolute or comparative advantage there is an overall gain in welfare. Increased global competition will encourage allocative and productive efficiency. The concepts of consumer and producer surplus can be used to assess the benefits of free trade. The different between the amount that consumers would be prepared to pay for a good or service rather than go without, and the price that they actually pay is called consumer surplus. It is used as a measure of satisfaction or welfare of consumers. The difference between the price that producers would be prepared to sell their produce at and the price that they actually sell it at is the producer surplus. These two together are a measure of the welfare of the product. In a perfectly competitive market in a closed economy where the equilibrium market price and
Throughout the 1990's the United States economy was consistently on the rise.
Throughout the 1990's the United States economy was consistently on the rise. Average wages were increasing while workers had a confident sense of job security, both of which laid the foundation for soaring domestic consumption rates that further solidified the well being of the economy. With the declaration of war with Iraq now almost an inevitability consumer confidence and spending rates have begun to decline, which is bad new for businesses and the economy as a whole. During the 1990's businesses were able to sell goods at lower costs due to the massive amounts of goods that were being consumed by U.S. citizens, and also the fact that raw materials, cotton, oil, etc., that producers imported were bought at cheaper prices because of the strength of the U.S. dollar. Now that the costs for raw materials are increasing, businesses have no choice but to raise their prices, which eliminates the "bargain" prices consumers have become accustomed to. According to the law of demand, which states that as prices fall demand will rise, as long as prices continue to rise consumer demand will fall. With stagnant wages and feelings of job insecurity consumers are less likely to start spending more due to both future planning and incurred debt. These factors along with a heightened consumer price index, an average measurement of consumer goods and services, have taken the previous role
Walkers Quality Assurance
WALKERS QUALITY ASSURANCE Tayto has always been a quality conscious company and in 1990 was awarded the Q Mark. The overall objective of the Quality System is to ensure that Tayto produces quality products and services and that each member of staff has an individual commitment to this quality. The Quality System encompasses all aspects of the business from the purchasing of raw materials through to the transportation and selling of products. Quality control checks are in place, prior to production, during production and post production as follows: Each delivery of potatoes is checked for size, variety, dry matter, sugar, clay or other defects. The sugar content is critical for crisp production and must be within parameters agreed by the company and the potato grower. The dry matter is also important as it determines the texture of the crisp. Prior to unloading the sunflower oil, a sample is taken and four different chemical tests are carried out to ensure that the oil is of good quality and suitable for the production of crisps. Thereafter the oil in the tanks is tested on a daily basis to ensure there is no deterioration. Flavours are checked for salt and moisture and must be within agreed microbiological standards. The oil is checked at regular intervals to ensure that its quality is being maintained. There is an automatic moisture system whereby the crisp moisture