[Brielle Buckler]

In this unit, we learned the basics of economics, and how supply and demand, scarcity and abundance affect the way goods and services exist in the world. Now, let’s talk about it.

According to a recent article in Forbes Magazine, “The demand for additional battery life is so large Pokémon GO is already having an impact on the sales of external batteries and phone cases with extra battery capacity.” Popular portable battery makers told Forbes that the sales of certain products have grown significantly, up to double or triple just in Pokémon GO’s first week in the United States. On a less technological front, coffee prices are up by 13 percent due to increased demand, and the supply of Corvettes is not sufficient to meet the current demand. All of these statements come from headlines from the past few months, indicating that the laws of supply and demand impact everything from your phone to your car to MY coffee. This is the basis for our discussion this week!

Choose an article on a topic (product/good/service) that affects your daily life. Briefly tell us what your article is about. Which aspect of the article’s discussion affects your daily life? What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article? Include the URL of the Web site where you found the article, so your classmates can access it.

———————————————————————-

In order to receive full credit for this assignment, you must first post your own response to the question(s) above by Friday, September 15 at 11:59pm ET. You then must comment meaningfully on at least two classmates’ posts by Sunday, September 17 at 11:59pm ET.

This assignment is worth a total of ten (10) points — 6 possible points for your original post, and up to 2 points for each of the two responses to your classmates’ posts. Please reference our Discussion Rubric for more information, and to this guide from MSSU to learn more about what it means to respond meaningfully to a classmates’ post.

• This topic was modified 1 year, 8 months ago by Brielle Buckler. Reason: Republish

[Sheldon Clark]

“The rising tide of Barbenheimer has lifted both films to smash-hit status. “Barbie” scored the biggest opening weekend of the year with $162 million, barely faltered in its second week, and is now on track to pass more than $1 billion worldwide and potentially dethrone “The Super Mario Bros. Movie” as the year’s top grosser. And though other prestige dramas have struggled to connect at the box office since the pandemic, “Oppenheimer” has been thriving: Its $82 million opening weekend far surpassed any of Nolan’s non-superhero features, and the film’s final worldwide total could top $800 million, a stunning finish for a super-long biopic. Though “Barbie” is the clear winner here, this is a race with no loser.” – Ny Times

 

Unless you’ve been sleeping under a rock, you’ve probably heard the term “barbenhiemer” from someone or somewhere in the last month or so. Both movies releasing on July 21st, they created quite the buzz this summer. From being the trending topic on social media platforms to investing in their own marketing campaigns and advertisements, both production companies created a swirl of hype around the name. Wikipedia goes so far as to define the term as a “cultural phenomenon”. Personally, I saw both movies and witnessed first-hand the effects of supply and demand at the box office. Both films had movie theaters packed with some cinemas being sold out of tickets for weeks in certain areas. I think summertime itself had a big part to play in the movies being so popular, along with social media and pop culture having its influences as well.

Mattel has made barbie dolls since 1959, well before there was ever a Hollywood adaptation or a Margot Robbie to bring the character to life on the silver screen; there was a demand for barbie. World War 2 and the inception of the atom bomb has also been in the history books for roughly 6 decades, which makes it easy to believe a lot of the demographic for a movie about J. Robert Oppenheimer was filled in by history enthusiasts. (I myself am a history enthusiast.)  Entertainment is everywhere, and it’s hardly debatable whether or not it affects the majority of people’s lives in some form or fashion. If the movie theaters aren’t your thing, streaming platforms like Hulu, Netflix, and Disney + offer entertainment service at a monthly rate for a low price. Movies are definitely one of my favorite pastimes and they play a big role in our economy, from the revenue a box office can generate to Hollywood itself being a defining factor of what western culture means to the rest of the world.

Down below is the link to the article from Ny Times.

‘Barbenheimer’ Isn’t a Contest. But if It Were, Which Film Would Win? – The New York Times (nytimes.com)

[Annmaria P]

Hi Sheldon,

This was such a great topic to speak on, especially because I THOUGHT “I’m such a movie person.” I was one of those people at the box office on show day to buy my ticket to see the very own Barbie movie. I was so consumed in the hype and advertisements around the Barbie movie; I completely forgot about the other movie coming out. I mean I got dressed up went to a Barbie café, took photos using Barbie filters and Barbie themes and then headed off with my pink gang straight to the movie theater without a thought of any other movie that could’ve been releasing. The demand in my world for Barbiee was so high it out ranked any other movies coming out on that day.  And you see the thing with movies, it doesn’t matter how much you love them you typically go like once a week then life gets in the way and that week becomes two weeks and probably a month and before you know it, the movies streaming on right on your TV.

[Ryan Natiello]

I never thought I would be in a business introduction class and see someone bring up Barbenheimer, what an amazing topic. I was hearing all the hype around Barbie and Oppenheimer all the memes; I watch a lot of movie YouTubers who speak on movies and things surrounding it. That’s where I got my info on Barbie and Oppenheimer. So funny how Barbenhiemer was a thing.

[Annmaria P]

“Grocery prices ticked up 0.3% in July, after staying flat in June, driven largely by rising beef prices” “Beef wasn’t the only category that got pricier in July. Hot dog prices went up 2.7%. Apples went up 2.4%, citrus fruit 1.7% and ice cream rose 1.5%. Coffee and butter each went up 1%. — Altogether, grocery prices rose 3.6% for the year, higher than the overall 3.2% increase of consumer prices — but not by much. Food altogether, including menu prices, went up 4.9%. –But over the course of the year, menu prices went up 7.1%. Dine-in restaurants raised prices about 5.8% for the year, while fast food and fast casual chains increased menu prices 7.1%. Restaurants have been raising prices as their own costs have gone up, and as diners have seemed to accept the higher prices. But lately, customers have been pushing back.”

 

The CNN article written by Danielle Weiner-Bronner highlighted the recent and overall increases grocery prices have been exhibiting over the past month. From poultry to dairy, all across-the-board supermarkets have been increasing prices. Grocery prices aren’t the only industry that has been increasing its prices rapidly. Menu prices while dining out has also have been seeing an increase as well. Eating healthy may be hard because fruits, such as apples and lettuce jumped over 7% within one month while items like beef and pork only saw 3% and 4% increases.

I immediately knew that this topic would be my pick. Food insecurity is something that not only me but many of American people worldwide struggle with daily. The prices of food continue to rise as the number of resources decline rapidly. Food is a part of our everyday life; it is essential to the human being. I have witnessed prices of bread raise 300% in the last two years. The price of eggs has been ridiculous to the point at which it has become a meme on social media. But the real joke is not being able to afford a meal at the end of the beginning of your day. The price trends move so rapidly it’s hard to keep track and get adjusted. Some supermarkets struggle to keep their shelves full, and those that are fully stocked charge a ridiculous amount for the items. The supply and demand of food is closely watched, but not heavily regulated in my opinion, and the price of food is a clear example.

A perfect example, or reason, as to why the supply and demand of groceries increased was largely due to the chain of fires that occurred throughout the last few months in the United States. Thousands of acres of farmland were destroyed due to multiple train derailments, as well as poor weather management. This largely affected poultry, green life and the overall environment. Another example was the fear of a new variant of the Covid virus. Constant talks of a new strain arriving sent people into panic stocking up on foods they necessarily didn’t need at the moment.

Because of the continuous price increases on food specifically groceries, I have been forced to meal prep more often opt for smaller lunches and seek help from local food banks. Meal prep companies have also been a great source as they provide daily meals at an affordable cost. Much more affordable than groceries for a week.

 

Article: “Here’s how much your grocery prices rose last month” by Danielle Wiener-Bronner. CNN Business Grocery prices rose in July | CNN Business 

[Brandon Becerril]

Annmaria I liked the topic you chose and how well you conveyed the information in the article and spoke from own personal experience.  I think we have all noticed the raising prices in almost all the goods and services we consume.  I remember when eggs and bread was 3 dollars and now your lucky to find something for 4. I do also like you added some suggestions to combat the rising food prices.

[Diabou]

Hi Annmaria, I also chose a similar topic about the price increase, I love how you explained not only why and how grocery prices increased but also how it affects people. Seeing how much some food prices increased is definitely a shock because of how high the percentage is. Like how you mentioned the price of bread increasing by 300% and the price of eggs also rising such a high amount. I like how you talked about your own experience because I’m sure many others can relate to this.

[thomas mahoney]

This was an important topic to choose, and you explained why very well. I really like how you brought up the difficulty with eating healthy foods due to the increase in pricing. I think this is a big issue in our country, it is clear that healthy foods are remarkably more expensive then fast food or foods that do not promote good health. I feel that almost everyone can relate to this being that most people prefer to eat healthy.

[gianna]

Hi Annmaria! I really agree with your whole post and topic. I like how you went into depth about the stats of this and how it effects people on a personal level. It used to be like a luxury to eat out once in a while now its like the same as buying groceries for your own home.

[Marianela]

Hi Annmaria,

This is such an important topic and it affects all of us. Prices overall have increased due to inflation, but so many individual products have been subject to price fluctuations because of supply and demand. If we take a look at eggs and oatmeal, we can see that there was a shortage in production caused by nature, and so the market increased prices to decrease demand and reach equilibrium. It’s really interesting to see how prices have changed in the last few years-whether because of inflation or because of supply-and-demand shifts.

[Julian Watson]

I agree with this topic as it relates with my post, which emphasizes the daily essential nature of purchasing basic groceries like eggs and bread. The idea that acquiring such commonplace items poses a significant challenge is worth addressing.

[Mark Robinson]

Hi Annmaria,

This was such a relatable topic, grocery prices have definitely seen a significant increase in price over the last few years. I love how you mentioned that it also affects restaurant and food prices. I was thinking about how expensive a bacon, egg and cheese on a roll has become, something that was a go to meal growing up for around $2.50 is now $5.

[Tanisha]

Hi Annmaria this is such an important  and relatable topic the grocery prices went up so high some people can hardly afford to buy food right now you can only buy the necessities before we could buy a lot of groceries just for 50$ and it would last  for at least 2 weeks but now you can only few days worth of groceries and it will cost at least 100$.

[Christopher Ochoa]

Hey Annmaria, I really enjoyed reading the topic you choose which was about prices going up. I wrote something similar to yours. I agree with what you have said and it effects most of us in this country because prices for foods, drinks, etc have been rising quickly! Prices have been rising ever since the pandemic and everything seems to be so expensive now which can definitely affect a lot of people. I remember buying a footlong at subway for like $7-8 back in 2019 and fast forward to today it cost around $11 which is crazy. Another example is a slice of pizza. It use to be like $1.50 and now it’s around $3.50.

[Brandon Becerril]

 

The article I chose to write about is “Price of N.Y.C. Subway Ride Will Go Up for the First Time in Years” because it directly affects me and my travel to and from work every day.  The article highlights the rate increase for the MTA from 2.75 to 2.90.  There are a few reasons why the rate is increasing one of them is the number of people riding the trains which are down about 30% from pre pandemic levels.  So, the demand for taking trains is also down with a shift to a hybrid work environment with many white color workers working from home.  The MTA is not the only public transit institution raising rates with Ezpass as well having a 6-10% increase respectively. Unfortunately, the rise in price will affect most of the lower working class with many New Yorkers living paycheck to paycheck.  According to the article about half of working class New Yorkers are struggling to make ends meet up 36% from 2021.  The rate hike is a direct result of the pandemic when travel via the train was at a low and in a desperate effort to make up what was lost the price is increasing. Article is listed below.

 

https://www.nytimes.com/2023/07/19/nyregion/mta-subway-fare-hikes.html

[Annmaria P]

Hi Brandon,

 

I really enjoyed reading the article and your relation to the article on the subway fare spikes. I use the subway daily, and I have definitely been affected by the increase in rates. It has affected my budgeting for the week as well as how often I utilize the service overall. It definitely takes the enjoyment out of the conveniency, and I am not looking forward to the expected hikes that are set to come. It seems like the price is only get higher. When does the demand go down at some point and we don’t have to pay more? It seems like regardless of if it’s high or low, we still come out of pocket to cover their remaining target.

[Diabou]

Hi Brandon, I also take the subway to and from work often and the price increase is quite disappointing. The MTA is supposed to be a cheaper way to travel and commute. The price increase will definitely affect many New Yorkers.

[thomas mahoney]

You brought up a great topic for this discussion, the recent rise in MTA fares and EZ pass rates is an important subject that effects just about everybody living in NYC or the surrounding area. I use both the MTA and travel throughout the boroughs constantly for work, and its unfortunate to see prices going up just for basic travel. This inflation will also directly effect many businesses in the city eventually leading to increased pricing for many other things.

[Ryan Natiello]

Man, I really liked your article. I take the bus and train all the time and I usually use apply pay to get in. I didn’t even know that the prices were raised until after I went out one day. When I saw my recent purchases the prices for the MTA were higher than before and I said to myself “What in the world why is it almost 3 dollars that’s insane.” Even though the prices of things keep going up I have to use them either way that’s crazy to think about.

[gianna]

Hi Brandon, I really agree with your post and I really liked the article. I feel like so many people relate to this topic so it was great of you to point it out. I go to work in the morning everyday and then to school and finally home and I feel like those prices really add up over time and it sucks.

[Zidan Ahmed]

I think this was an excellent topic to commentate on. Transportation, especially in a metropolitan city such as New York, is a constant in our daily lives. Thus the cost of it weighs greater on us. I have noticed that prices for services provided by Uber and Lyft have been gradually increasing as well. I infer that due to the MTA’s loss in customers post-pandemic, they are raising prices to compensate for their lack of revenue. Alongside issues they’ve been having such as fare evasion and problems with the subway’s infrastructure. This commentates on the bigger event that is inflation. Minimum wage still remains at 15 dollars per hour; an unlivable wage in a costly city such as NYC. It just seems to be getting tougher day by day as prices for basic needs and amenities continue to rise and consumers are put at a disadvantage.

• This reply was modified 1 year, 7 months ago by Zidan Ahmed.

[Tanisha]

Hi Brandon

I take the subway and bus almost 5 days of the week to commute to work and school and the price increase is going to affect a lot of people it should be affordable for everyone, they keep increasing the price but they won’t add any safety features with all this crimes increasing in the subway since the pandemic they should keep their fares low.

[Christopher Ochoa]

Hey Brandon. I take train to go to school and work. I enjoyed reading your article. I was fine with $2.75 but now that the price has increased to $2.90, I just don’t like it. It seems too expensive for me. I even heard they might just raise the price to $3 ! Inflation is going crazy right now. I just don’t like the fact that there is too much crime in the subway and there could be crazy people in the subway too. They should’ve kept the $2.75 because of how much crime there is in the subway right now.

[Diabou]

The topic and article I chose is about inflation.
” Inflation is a loss of purchasing power overtime, meaning your dollar will not go as far tomorrow as it did today. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.”

From my understanding, inflation slowly started in 2021 when the pandemic happened. Due to covid 19 in 2020 people stayed home and were not spending much money, then later the war in Ukraine happened and that also caused a change in the economy and played a part in inflation. By the end of 2021, as consumers began to start shopping and spending money again, prices began to quickly rise. “Since households were in good spending shape, landlords, childcare providers and restaurants could charge more without losing customers.”

“Demand for goods was unusually high: families had more money than usual after months at home and repeated stimulus checks, and they were spending it on cars, couches and deck furniture. At the same time, the pandemic had shut down many factories, limiting how much supply the world’s companies could churn out. Shipping costs surged, goods shortages mounted, and the prices of physical purchases from appliances to cars jumped. ”

The cost of living has now drastically increased in 2023 and it’s quite high. I chose this topic because inflation affects everyone, including me. Prices keep increasing and it’s getting harder to keep up with the cost of living, especially here in New York.

Here’s the link to the article I chose:

Inflation Is Still High. What’s Driving It Has Changed. – The New York Times (nytimes.com)

• This reply was modified 1 year, 7 months ago by Diabou.

[Sheldon Clark]

Diabou, I’m glad you decided to speak on this issue because inflation is something that affects everyone. Alot of people are going so far as to say we are even living in a “silent depression”. I had not done much research on how covid-19 affected our economy so I thoroughly enjoyed reading and learning a bit about how stimulus checks being misused, and factories being shut down could drive the American dollars’ worth into the ground. I think everyone can agree that there’s been a noticeable increase in the cost of living and prices of everyday goods. This was a great topic and very enlightening!

[Brandon Becerril]

I like that you chose inflation because many of us are writing about rising prices for everyday goods and services. It’s really interesting that the pandemic was a cause and the war in Ukraine which caused a surge in gas prices.  It’s cool and unfortunate how one or two world events can drastically change another on the other side of the world. Hopefully wages will eventually catch up to inflation but that likely won’t happen.

[thomas mahoney]

The article i chose is “Why Did Gas Prices Go Up?” This article directly addresses the increase in gas and oil prices within the past few years following the COVID-19 epidemic. The main claim on this article describes how the reason for the recent rise in fuel prices is due to Saudi Arabia “…said it would slash oil production by at least one million barrels per-day through July.” This surplus in fuel pricing directly effects me because my family and I use a car to get around every day. Whether im traveling to the ferry for school, commuting to work or just using my car to meet up with some friends i tend to put gas in my car every other week. The rise in gas prices has only caused myself and plenty others to overall spend a lot more money on fuel to use a car for daily necessities. This article also mentions how in recent years after covid restrictions were eased around the world, more people are traveling, causing an increased demand for gas. This leads to the price of fuel remaining at the high number it has been at since the pandemic. This is not only a domestic but a global issue and a good example of the supply and demand chain in our current state of inflation.

https://www.nerdwallet.com/article/finance/are-gas-prices-going-down

[Julian Watson]

I don’t relate to this article personally because i do not own a car but this is one of the main reasons holding me back from buying one car maintenance as long with the price of gas is making it look like buying a car is going to put me at rock bottom.

[Caroline Rodriguez]

Hi agree with you , gas prices have gone up in a just 4 weeks I watch my local gas station go from 3.60 to 3.84 , add that with the rising cost on tolls to get to and from the city its making people not even want to use their cars

[Christopher Ochoa]

The article I picked is called “How Inflation Affects Your Cost of Living”. According to the article, it was stating how inflation has been rising ever since the pandemic (2019/2022) and it has been the largest increased in more than 13 years! The cost of living is also affecting way too many people. Inflation has also affected the cost of living. Since inflation is rising, there is higher food cost, higher gasoline cost, higher utility cost, not receiving an increase on wage, and higher interest rate on home loans. All of this is related to not only me but to also everyone in the US. Prices for food has been increasing like crazy! And lets not forget how the price for paying your fare at the MTA went from $2.75 to $2.90. Rent has also been increasing as well. The three causes of inflation is Demand-pull, Cost-Push, and Built-In Inflation. Demand-pull inflation occurs when the demand for good and services in an economy surpasses the available supply. Cost-Push inflation happens when the costs of productions increases cause businesses to raise prices to maintain their profit margins and Built-in Inflation is linked to the expectation of future inflation by workers, businesses and consumers. I believe inflation will still continue to increase and it will affect the middle class and the poor people.

https://www.investopedia.com/articles/personal-finance/081514/how-inflation-affects-your-cost-living.asp

[Ryan Natiello]

“Beginning this month, the Essential plan will cost $80 USD, marking a $20 USD increase from the previous pricing. The Extra plan, meanwhile, will increase $35 USD to $135 USD annually, and the Premium plan will climb $40 USD to $160 USD each year. The price changes will not affect current PlayStation Plus members until their annual plans’ renewal dates.”

“Sony has not yet announced a price change for PlayStation Plus’ monthly ($10 USD for Essential, $15 USD for Extra and $18 USD for Premium) or quarterly ($25 USD for Essential, $40 USD for Extra and $50 USD for Premium) plans. The company did state that the new annual plans still tally less than its monthly and quarterly options over the course of the full year.”

The article I chose is called PlayStation Plus Subscription Prices Will Increase by Up to $40 USD per Year written Daylen Kelly. Now, I play a lot of video games and I own a lot of consoles and systems, but PlayStation is the one I play the most, Sony in the past has made a lot of questionable descensions, but this is a new low. Basically, what PlayStation Plus is for all the non-gamers out there is that it’s a subscription like Netflix for people who play video games on a PlayStation, and what it does is that it makes you be able to play online with thousands of people. Now think of this, A PlayStation 5 game is $69.99 plus tax of course, and it can be a game that doesn’t require online, but most games these days are online based. If you buy the game and your Plus runs out you will have to pay another almost 100 dollars just to play, all together that’s almost 200 just to play a simple game. That’s inflation to that max, back then a year of Plus was only 60 dollars and that wasn’t too bad, but for 80 dollars, I can buy a brand-new PlayStation controller for less or a new mic. Games used to be 60 but now since the PlayStation 5 came out the new games coming out are 70 dollars which I get because it is new technology used for the games Plus being 80 is crazy due to the fact that it isn’t even bring anything knew just plain old PlayStation. Some people use online play to make new friends and get away from life it’s just sad how some people won’t be able to afford the new Plus plan because Sony just randomly raises the prices.

Website: PlayStation Plus Subscription Prices Will Increase by Up to $40 USD per Year (yahoo.com)F

• This reply was modified 1 year, 7 months ago by Ryan Natiello. Reason: I forgot to add website
• This reply was modified 1 year, 7 months ago by Ryan Natiello. Reason: I forgot to add website

[Sheldon Clark]

Ryan, I’m so glad you decided to brush on this topic, I’m a big gamer myself and was debating whether or not I should’ve talked about Gta 6 being the most expensive game ever. I agree with you that Sony has made some questionable decisions and I find it absolutely atrocious that they’re going to raise play station plus subscriptions by $40. I found the article you cited, and your discussion reply very informative and I learned something that I wasn’t aware of previous to reading what you wrote.

[Mark Robinson]

Hi Ryan,

I was very surprised that one of my fellow classmates chose this topic to speak on, but I am very glad you did. As someone who has been a part of the gaming community for years, the increase of prices in video games and their subscription service has been ridiculous. I remember when video games were much simpler and once you bought the game you’d be able to play it and that was it. Now there are so many different add-ons and in-game purchases which has made most games pay to win!

[gianna]

Ive read many peoples discussion posts and I was trying to think of something that tied into inflation but not about prices on food/transportation. The product that came into mind that affects mine and every single women’s daily/monthly life is menstrual cycle products also know as period products. The cost of these products; pads, tampons, period underwear, and menstrual cups every month is a problem for many women all around the world. People don’t have to funds for food and water let alone period products. After reading up on this topic I asked some family members what it was like when they were younger and when they had to purchase some. My mom, aunt and grandma told me they were very poor and sometimes they would just use a rag or some paper for that week because they couldn’t afford a box of products every month. I was reading a bunch of articles about how inflation on these products has sky rocketed up since covid but the one fact that stuck to me the most was an article stating how these products are free in some places around the world. In this article it said, “Scotland is the first country to offer period products free of charge on a national scale. Others, including New Zealand and Kenya, distribute products for free in public schools”. I don’t understand why this isn’t free everywhere. Another fact that stood out to me was, “In the U.S., a package of tampons or menstrual pads costs around $7 to $10 for a supply that may last a month or two. (Other products are designed to be reused, like period underwear or menstrual cups, and have a higher upfront cost.)”.  I agree with this a lot but if you have multiple women in your household it is not $7 to $10 a month it’ll probably be around $3o or morembecause you are buying multiple boxes. I feel like I can keep going on about this topic and keep sharing many different quotes from this article so I will just drop the link to it if anyone is interested in reading more.

Website: https://www.npr.org/2022/08/16/1117748486/scotland-tampons-pads-menstrual-free-period-products#:~:text=Scotland%20is%20the%20first%20country,last%20a%20month%20or%20two.

[Caroline Rodriguez]

I relate so much to this topic, the rising cost on these products among everything else is starting to become ridiculous. I remember at the beginning of the pandemic I would pay 7 to 8 dollars at my local pharmacy now I to save 2-3 dollars I make sure to buy in bulk at places like Costco.

[Mark Robinson]

The product I decided to write about is headphones.

“the Global Wireless Headphones Market was worth USD 18,272.9 million in 2021 and is projected to reach up to USD 69,964.8 million by the year 2028, growing at a CAGR of 21.5% over the analysis period of 2022-2028. It is owing to the growing consumer demand for infotainment. Furthermore, other factors like the growing urban population, rising consumer prosperity of the middle-class section, and the advent of the audiophile era favor a larger uptake of cutting-edge and innovative audio solutions like wireless headphones. The global wireless headphones market is focused on a growing preference for wireless devices, coupled with the increasing use of smart devices. Additionally, there has been a growing trend of wireless headphones as they provide independence of movement and can be used throughout a gym workout, sports, are easy to carry while traveling or performing other physical activities. Hence due to the aforementioned factors, the global wireless headphone market is expected to experience substantial growth during the forecast period 2022-2028.”

According to the article, wireless headphones are expensive, and their cost is expected to increase due to integration with advanced technologies. The growing consumer demand for additional features is fueling the prices of wireless headphones. Since the sales of smartphones and mobile phones have increased significantly during the past few years, particularly in developing nations. The demand for headphones and headsets has grown in tandem with the rise in mobile device usage.

I chose headphones as my topic because it is something that I use every day. As a person who loves different genres of music and to escape from the reality of the noisy city from time to time, it has become a necessity for me. Whether I am commuting, working out in the gym or even listening to new music by my favorite artists, I am dependent on my headphones.

Here’s the link to the article: Global Wireless Headphones Market to Reach Nearly USD 70 (globenewswire.com)

[Marianela]

Hey Mark, I really appreciated your post. I was scrolling for headphones a few months ago and found myself wondering why they were so expensive. Then, I realized I almost never take mine off because I am also very dependent on them. Headphone technology has come a long way(thank you, noise cancellation) and I definitely see the relation between growing demand and price.

[Tanisha]

The topic I chose is about Inflation “US inflation has had a snowballing effect on family budgets.The typical American household spent $709 more in July than they did two years ago to buy the same goods and services, according to Moody’s Analytics.”

From what I know inflation is impacting everyones daily life it made the prices of good and services go up which means that we have to spend more money on things we need, it can also affect savings and investment as the value of the money can decrease overtime. Budgets can be challenged if the price of food, housing or healthcare rises.

“families are also spending more at the grocery store; on buying, maintaining and insuring vehicles and on recreational services like cable.Of course, paychecks have also grown over the past two years — but not by as much as the cost of living.Inflation-adjusted earnings are stuck in 2019.Even though prices have soared, real earnings, which adjust for inflation, are stuck at late 2019 levels.”

I chose this topic because living from paycheck to paycheck during inflation especially from 2021-now  can be really challenging as prices are rising for everything it becomes harder to stretch our money until the next paycheck, it requires careful budgeting prioritizing necessities and finding ways to save.

Here’s the link to the article: https://www.cnn.com/2023/08/11/economy/inflation-rate-spending/index.html#:~:text=US%20inflation%20has%20had%20a,services%2C%20according%20to%20Moody%27s%20Analytics.

 

[Julian Watson]

The service i chose was the MTA because it affects me daily on whether im going to hangout with friends go to the gym pick and even just picking up groceries.”MTA Board approves subway, bus fare hikes; will discuss congestion pricing” This article addresses many points such as Subway and bus fares will increase from $2.75 to $2.90 starting August 20, 2023. Note This has been the first  fare increase since 2015.As someone who rides the MTA everyday this is going to be a large amount of money because 25 cents across maybe 100 rides is a decent amount of money.I feel like these prices increased so that the mta can fund there operations but at the same time the quality of public transportation in New york city is really bad they keep charging us more money but make very little improvements towards improving the subway system.

site:https://abc7ny.com/mta-board-meeting-fare-hike-congestion-pricing-increase/13521650/

 

• This reply was modified 1 year, 7 months ago by Julian Watson.

[Jada Hunter]

The product/service I picked was fast food restaurants. The article I read about this topic in the articleFast Food Getting More Expensive: McDonald’s, Subway, Chipotle, Starbucks (businessinsider.com) . The article did describe the inflation of all the fast-food prices is partially due to mainly lack of staff which resulted in not finding good reliable workers ever since the pandemic the desire to work has gone down. However, there was the obvious big increase due to the increase in food prices and since the demand for it was high, they had to keep the supply always consistent with the demand. This inflation effects my daily life because I keep a busy lifestyle so I can’t cook every meal sometimes for my family and myself especially when I come in late from night classes fast food should be affordable, but I have to reduce my purchasing due to this though my eating habits are a little healthier not the best because grocery stores prices also have gone up.Overall inflation has always effected us but it just seems more obvious when we are actually paying attention I say this as recently becoming an adult.

[Jada Hunter]

Sorry it repeated bypass this:-)

• This reply was modified 1 year, 7 months ago by Jada Hunter.

[Marianela]

This article briefly discusses an issue Apple has been having regarding supply and demand. Apparently, the company’s latest release of a 15 inch MacBook Air was expected to fill a large gap in demand, but then completely missed all sales targets. Demand for this particular product was so low, the company shipment orders had to be reduced by 50% in just one month.

I thought this was a great example of this week’s reading. Customers have little demand for a product that is basically identical to an older (and still available)model. There is an abundance of products with little to differentiate them. The company also  reluctantly makes changes years after their competitors. I believe that a shift in taste and future expectations of a better product update are affecting the shift in demand.

I chose this article because last week’s discussion thread showed that a lot of us interact with Apple on a daily basis. I’m currently in the market for a new computer, and I find myself to be one of the many that are reluctant to pay such a premium price for a product that will be replaced by a more “revolutionary” machine in a few months. However, since I am writing this from a 10-year-old MacBook, I do have quite a demand, and I may not have a choice.

 

https://www.forbes.com/sites/ewanspence/2023/08/01/apple-macbook-air-15-inch-m2-m3-macos-leak-rumor-sales/?sh=1a08aae093fd

[Zidan Ahmed]

I agree with you on the point you made on Apple possessing too many products that are all too similar with little demand to compensate for their surplus supply. For example, the new Iphones coming out, which includes the Iphone 15, Iphone 15 plus, Iphone 15 Pro, and Iphone 15 Pro Max. They are releasing four phones at once which I believe to be a little redundant. Part of Apple’s appeal used to be them putting all their eggs in one basket, which sometimes is not a bad thing. They used to release one to two Iphones at a time which allowed consumers to centralize on said products. It feels as though a lot of their product pool right now is over saturated by their own redundancy in terms of technology. However, even with this awareness, I find myself being the exact type of consumer they want me to be. I pre-ordered one of the new Iphones as mine has been having some issues lately (something they do on purpose during new releases). Apple has just solidified themselves in such a universal manner that I do not see consumers changing their patterns and compromising their loyalty any time soon. We will see in the coming years though.

[Jada Hunter]

Yeah, i agree with you a lot of people don’t really have a demand for it but because it’s made by Apple. People buy it just to keep up no matter how many previous apple employees explain it’s the same people will but for the overall influence. It really shows what a lot of people really waste their money on to be honest.

[Matthew Edwards]

“The pandemic has upended businesses across the world, but it has been very good for Amazon. Every lockdown “click to purchase” nudged the company a little further toward utter domination of online shopping as total e-commerce sales nearly doubled in May“

“Consumer spending on Amazon between May and July was up 60% from the same time frame last year, according to the financial data firm Facteus. The company’s extraordinary power — it has 38% of the e-commerce market trailed by Walmart with 6% — was under scrutiny well before COVID-19. But the lockdown that boosted the company’s dominance also threw into higher relief its consequences for other businesses.”

The article I picked is called “Many Companies Won’t Survive the Pandemic. Amazon Will Emerge Stronger Than Ever.” This article is about how Amazon benefited from the pandemic. throughout the pandemic I used to work at amazon as an essential worker. it was great because a lot of jobs were closing and it was a easy way to get food or cleaning supplies in the comfort of your home.

 

 

• This reply was modified 1 year, 7 months ago by Matthew Edwards.

[Luis Navarrete]

In a recent article on the New York Times “How to Improve the M.T.A.? Experts Offer Five Ideas.” By Ana Ley. It brings up points about making the quality of life for the people who commute using the MTA transit service. One idea that is mentioned in the article is to “spend money to make money.”, what this is trying to convey is to have the MTA invest money into their own company. Improving the quality of the Subways or Buses like wait time or the experience, this affects me in a way that I have to leave home way earlier than i should because the bus always takes a long while to arrive to where I am waiting for it. A factor that influences the supply and demand of the bus is sometimes the locations of where the stops are, for example in Staten Island there is only one train line but several bus routes but as for somewhere like Brooklyn or Manhattan there are many different trains and buses because those two boroughs are more urban while Staten Island is more suburban.
Source: How to Improve the M.T.A.? Experts Offer Five Ideas – The New York Times (nytimes.com)

[Caroline Rodriguez]

The topic I chose to discuss is the rising costs of rent in NYC due to low supply of units and high demands of renters “The city is facing broader affordable housing challenges driven by a lack of supply. There were 14,766 units of affordable housing produced in 2022 through new construction and preservation of existing housing, roughly half of the five-year average, the New York Housing Conference said in a report released this month. The group attributed some of the decline to staffing shortages that began before Adams took office.”

This crisis directly affects me, with the demand for housing on the rise, it’s becoming extremely difficult to find an apartment, let alone decent one. It’s now become a competition with renters. Landlords allowing bids for apartments pushing out “the poor” and also giving more landlords the same incentive to piggyback off of, thus causing a snowball effect of high rent prices. The average wage in New York is not enough to afford these apartments, coupled with the rise on inflation. This is affecting many other New Yorkers as well, not just me and its contributing to a new rise on homelessness.

NYC Backs Price Hikes for 1 Million Rent-Stabilized Apartments – Bloomberg -ARTICLE

[Tania Maree]

My friends, neighbors, and myself are also being impacted heavily by the housing crisis in the city. The thing that’s most frustrating to me is that we do have enough housing for everyone in New York, but because of landlords withholding units from the market (there are tens of thousands of rent-stabilized units being withheld from the market), and the city/state government refusing to invest in housing in a way that could actually help New Yorkers, so many people are left struggling.

[Amanda Velez]

The rise in rent of apartments in New York is ridiculous. Not to mention that a lot of the apartments are being split into two so landlords can make double the profit from these high rent prices. I think anyone would love to have a home close to work and even though you may be able to find a job in New York, it may not pay enough to rent that place that’s available two blocks down. That’s where the other issues come in like the rise in the price of public transportation or gas or the problem with the homeless. Many of these supply and demand problems in New York are a snowball effect of one another as well.

[Jada Hunter]

Hello, I really relate to this inflation problem very well I’m staying in place from the day I was born because of the high housing cost so staying in the bad neighborhoods just turns out better than actually exploring elsewhere. This problem should be fixed so everyone has an opportunity to live somewhere comfortable not luxury but decent.

[Amanda Velez]

The article I chose to write about is “MTA fare hikes for buses, subways go into effect in New York City.” This article explains the recent hike in fares for the MTA and how it affects commuters. This affects my life because I use the MTA daily as I don’t have a car and I travel to work, school and everywhere else I need to go. The factors that affect supply and demand are that no matter how the MTA services change and try to improve, there are many inconveniences with taking public transportation. Some examples are the long wait times, trains getting shut down, tracks being serviced in the middle of rush hour, packed trains and buses, and the homeless using public transportation as their means of sleep and storage. Living in New York, I think most people can say it isn’t necessary to have a car when there’s a time-consuming struggle to find parking, parking lots cost an arm and a leg, traffic is almost as bad as in Los Angeles, and we have trains and buses accessible close to every area in New York that can take us anywhere in the state and even other states. Some people can’t afford a car and gas for the car so they depend on taking the MTA to where they need to get to. However, the constant rise in fare prices may have people wondering if they should invest in a car instead and deal with road traffic instead of train traffic or gas money instead of monthly metro card money.

https://abc7ny.com/mta-fare-hike-bus-subway-congestion-pricing/13678904/

[Tania Maree]

Hey Amanda,

I appreciate you speaking about this topic. As you said, many New Yorkers depend on the MTA to navigate the city and surrounding areas which impacts how much maintenance the train system needs. I understand that the maintenance is expensive and that ridership is not at the same level that it was pre-onset of the COVID-19 pandemic, but raising the MTA fare at a time when New Yorkers are dealing with an increasing cost of living crisis seems out of touch to me.

[Zidan Ahmed]

The Steaming Prices of Streaming

<span style=”font-weight: 400;”>It is safe to say that in our current world, we depend on streaming services for most of our entertainment. From movies and TV shows, to music and podcasts; we depend on streaming platforms such as Netflix, Spotify, and Youtube to supply us with these devices. Just only two decades ago, this was not the case. Music had to be purchased individually; played via a CD Player or other technological mediums at the time. Movies were primarily watched in theaters, or again, purchased individually at a time. We have since created systems that allow people to access a plethora of movies, TV shows, music etc. through a single monthly payment. Netflix, for example, currently has 6,621 titles, series, and specials for its viewers. All this content is accessible for a monthly payment ranging from $6.99 to $19.99, depending on the plan you choose (one that includes advertisements and one that does not).</span>

 

<span style=”font-weight: 400;”>Streaming companies understand the significance they hold in today’s world. They are aware that there is a very high demand for their services. Just recently in the past years, many of these subscription services have decided to increase their monthly prices, as well as offer new plans with lower prices but with the inclusion of ads. An article titled, “Apple raises prices on Apple Music, Apple TV Plus, and Apple One” by Mitchell Clark and Emma Roth indicates, “Apple Music for individuals will increase by $1 a month to $10.99, or by $10 for the annual plan, which will now cost $109 a year. Apple Music for families is going up by $2 a month to $16.99. Apple TV is going up by $2 a month to $6.99 or $20 annually to $69.” Apple has decided to increase its monthly prices for many of their streaming services, and they are not the first ones to do so. </span>

 

<span style=”font-weight: 400;”>Additionally, in an article titled “Netflix, Disney+, Hulu Price Hike” by Jessice Guynn, she states,”Netflix, Disney+, Hulu and Peacock have announced price increases in recent months. The Wall Street Journal estimates the average cost of watching a major ad-free streaming service will go up nearly 25% in about a year.” Even with these price increases, I predict people will still continue to subscribe to these services as we are so accustomed and dependent as a society to streaming platforms now. I was recently discussing these increases among friends and family, and we came to a conclusion that there really is no alternative. Compared to things such as Cable TV and the act of buying music or movies individually, streaming platforms are still a cheaper option. However, I think the more nuanced issue arises when people have multiple subscriptions. Personally, I felt the price increases as I am subscribed to Netflix, Hulu, Apple Music, Spotify, and HBO. Many people I know are also subscribed to multiple streaming services. This is due to the differences each platform possesses. For example, Netflix has exclusive content that is not available on a platform such as Hulu, and vice versa. Streaming platforms, especially those who specialize in visual media, are beginning to understand they have to differentiate themselves from their competitors in order to convince customers that they are worth subscribing to. Netflix has an original series not available on HBO. HBO has a movie not available on netflix. And the story goes on. This has led to people subscribing to multiple outlets, as they want access to contents exclusive to separate platforms. One can conclude that these prices quickly add up, and at a certain point can be comparable to prices of services such as Cable. </span>

 

<span style=”font-weight: 400;”>However, there is still a high demand for streaming platforms. Luckily, there is an abundant supply as well since there are up to 200 streaming platforms currently. Though it is a fair exchange economically, I am interested to see how society articulates itself as these prices continue to rise. Will people be willing to still subscribe to these platforms, or will they seek out cheaper and more efficient alternatives? Will the streaming era come to an end just as the eras of its predecessors did? Who knows. I know as of now, I do not see myself letting go of Spotify, nor Netflix, but among all other things, time will tell.</span>

Main Article – https://www.usatoday.com/story/tech/2023/08/22/save-money-on-netflix-disney-hulu-subscriptions/70624587007/#:~:text=Netflix%2C%20Disney%2B%2C%20Hulu%20and%20Peacock,25%25%20in%20about%20a%20year.

Supporting Article – https://www.theverge.com/2022/10/24/23420902/apple-tv-plus-music-price-increase

[Tania Maree]

Egg prices are crashing. Here’s why | CNN Business

This article from CNN talks about the varying costs of eggs and how eggs have been the poster child representation of the overall inflation that has been occurring over the last two years. Lately, the cost of eggs has been decreasing since avian flu has not been as much of a threat as it was last year. Here is a quote detailing the dramatic change in cost:
“As of last week, Midwest large eggs — the benchmark for eggs sold in their shells — cost just $0.94 per dozen in the wholesale market, according to Urner Barry, an independent price reporting agency. That’s a sharp fall from $5.46 per carton just six months ago. (In retail, prices are well above $1 per carton, though they too have been declining.)”
I chose this article because eggs used to be an extremely affordable staple to eat as breakfast or use as an ingredient in other foods that help with. I actually don’t enjoy eggs very much, but when I noticed that my grocery bills were almost doubling at times last year and earlier this year, I remember thinking that incorporating more eggs into my diet would help me cut costs. A regular dozen eggs at my local grocery cost $9.49 at their peak cost – the price now sits around $1.09. I know that the avian flu heavily impacted the cost of eggs, but I also feel like the prices were being artificially inflated.

[Amanda Velez]

Hi Tania,
So interesting how you chose this topic. I do most of the grocery shopping at home and I’m not one that checks prices for things when I need it. I just grab what I need and like at the supermarket so if someone was to ask me how much I paid for an item I wouldn’t have an answer unless I checked the receipt. I have, however, noticed how much more I have been paying for groceries even when I’m buying the usual things that I buy. One day my coworker and I were venting about how much egg prices have raised. That same day we went out for lunch and we ordered a flan for dessert. What was funny was we realized that the flan was made with no or barely any egg. That’s when we realized how serious the cost of eggs is. I hope that this issue is resolved sooner rather than later.

[Author]

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