Economic Icon: Chris Biehler

Economics is the social science that contracts with the allocation of scarce resources, working to obtain the greatest satisfaction from societys unlimited wants. Many factors that deal with stintings is the concepts of demand and supply. While most volume may not really realize how stinting takes place in their e realday life, du ration it is very obvious that it does. My vocation of working at a McDonalds is very much colligate to what I have learns in our economic course. The uprightness of Demand states that the quantity of demanded of a expensey or service is inversely related to the price of a well-grounded or service.To have a demand for something you must be willing and able to purchase the goodness or service at the various prices during that time period. This is related to my job in many ways. There be five factors that make up the non-price determinants of demand, In hang, tastes and preference, the price of related goods, expectations and population. So with the concept of demand if a soulfulness wants McDonalds indeed they must be willing and able to pay for the forage and services. The first nonprice determinant being income. If a persons income changes they may not come to McDonalds as much any more because they can now afford nicer good or services.Making a McDonalds an inferior good. An Inferior good is when in that location is an inverse relationship between income and demand. other manakin may be now that your income has join ond masses may come to McDonalds more and deal a larger quantity of food, making it a normal good. other determinant would be tastes and preferences, if people get in the mind clothe and McDonalds may cause obesity may sum up, the demand for McDonalds may decrease while the demand for a healthier product may increase. Another example is price of related goods. The two types of related goods are substitutes and compliments.For example if price was to increase at McDonalds then people may go to Bu rger King to satisfy their fast food needs. Compliments would be if the price of burgers increase then the demand for fries may decrease because everyone knows that you do not go to McDonalds and not order french fries. Resulting in the ration customer going to buy other things. Another example is expectations, if people expect a pay bonus then, they may go away and buy things. A final determinant is population, the quantity demanded will increase if there are more people in society that are willing and able to buy McDonalds.Not only is demand related to my life but supply is as well. Supply is the willingness and ability of producers to betray a good or service at various prices during that given over time period. The law of supply is the quantity demanded of a certain good or service is positively related to its price. One determinant is applicable resources. Another determinant is a change in technology. If McDonalds had advanced automobile that would bullshit meat faster t han food would be able to cook much fast and service would be quicker making more customers come to our store. Another example is change is the use of product.If the price of milkshakes increase, people may want to buy more ice cream resulting in our McDonalds being able to use the mix toward sundaes and cones. Another determinant would be change in expectations. Due to the summer months coming up McDonalds may increase or prepare to order more cases of the strawberry lemonade. A change in a number of producers is another determinant. Meaning that as supply increase or decrease their may be an increase or decrease in producers. Taxes and subsidies are more determinants alone with the bear. If the weather is poor and the McDonalds floods the supply will decrease.Another Thing that I arise to relate to my life from what I have learned in our economic class is price floor. A price floor is a nominal is the legal minimum price below which a good or service may not be sold. For exampl e minimum wage. As the prices in our economy increase, if there wasnt a price floor then McDonalds may want to offer lower wages, making it harder for a person to live. During our micro economics class there have been many aspects that I can relate to my life. This class is allowing my to expand my horizons and further understand economic concepts and how they apply to my life and the peoples lives around me.