Course: BUS 104-B050 | Intro to Business | Professor Buckler | Spring 2022

Supply & Demand in Your Life

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    • #11104

      Brielle Buckler
      Participant

      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 three 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, all components of this assignment are due by 11:59pm ET on Friday, April 8, 2022. You should first contribute a thoughtful post of your own before viewing/commenting on the posts of others.

      Once you submit your post, you must respond meaningfully to at least two other classmates’ threads. 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.

      • This topic was modified 9 months, 1 week ago by Brielle Buckler.
      • This topic was modified 9 months, 1 week ago by Brielle Buckler. Reason: Updated Date / Rubric Link
    • #11480

      Edward Quinn
      Participant

      Hi everyone!  I choose an article about the price of coffee–I know that Professor B already gave this a quick mention, but please no heckling yet, haha!  I also choose this is a topic that is near and dear to my heart (perhaps more specifically, near and dear to my wallet!), as I recently launched a coffee import and roasting business for cafes, restaurants, hotels, and retail consumers–so the price of coffee is something I am following almost every week as the owner and lead roaster for Moonraker Coffee Roasters (check us out at https://www.moonrakercoffee.co/ or on Insta – @moonraker_roasters).  What is interesting about this particular commodity (coffee is actually the 2nd most traded commodity worldwide, behind oil) is that there is the “C Price” of coffee which can include arabica and robusta coffees, and there is a completely different segment of the coffee market that deals only with arabica coffees (a variety of the “coffea” species that is typically planted at elevation, on steep and difficult terrain, and must all be hand harvested VS. being planted in low-lying fields where the planting, care, and harvest can all be mechanized) that scores the arabica “Q coffee” on scores much like wines are evaluated.  These are the coffees I am typically sourcing and roasting for my clients.

      The article I found is from December of 2021 — so this is a few months old, but the general trend is still the same — rising prices for the green coffee beans!  Here is the article from Fortune magazine: https://fortune.com/2021/12/08/coffee-prices-10-year-high-inflation/ — what is interesting, is that the article mentions supply-side issues creating less available product on a global scale, which in turn, as we know, creates a higher price when demand remains constant (or increases!).  The supply-side issues the Fortune magazine article mentions are related to climate change and Covid-19–on the climate side, much less rain has fallen over large portions of Latin America, while other portions of Latin America received larger and usual rains.  Both of these climate related issues affect both the quantity and quality of the coffee beans–for instance, in Panama where I was in the field buying coffee directly from farmers, they told me that they received far less rain than normal, which meant the smallest harvests on record this past year (or “cosecha,” Spanish for “harvest”), but that the quality of the coffee is some of the best they’ve ever had.  While in certain regions of Colombia, I’ve spoken with farmers at the Ecuadorian border and they stated they have hard so much rain it’s killed off many plants, and drastically cut production on them!  On the Covid side, shipping delays have roiled the supply chains across the world and the cost to ship everything is now about 15% higher for me since this time last year, and last year the prices also increased over 2020, so this is real costs that are going to be passed onto consumers.

      I know this impacts my bottom line, and I think as a result, for us as consumers, we should expect to pay a little more for a cup of coffee, especially if we are getting to drink something more nuanced and of higher quality, as the prices for “Q grade arabica coffees” have increased even more than the base commodity or “C” price for arabica and robusta coffees.

       

       

       

      • #11496

        Zakaria Ahmed
        Participant

        HI,

        They have chosen gas prices which are at the top nowadays. they provided a real-time example on the given topic. While he was filling the truck. it described the whole description of the current supply and demand.

        They have provided examples with the year of economy.

      • #11501

        Gabriel Aman
        Participant

        Hi, Edward I like how you connect towards the same atrticle of cofffe i can relate so much becasue as we speak inflatiuon such as for the fruit companys the supply and demand has been impacting really bad due to the infaltion of services and good prices for example in my country ecuador we are known to proved everyone with our natrual coaco which is known to be a popular fruit to not only make chocolate but also provide hundred percent choclocate that is grown natrual, taken cared by famers that work hours and get paid very little due to the supply and demand United states has been goinng through.

         

      • #11505

        Nadia Khan
        Participant

        Hi Edward. Thanks for sharing a little bit about your company! Coming from someone who isn’t a coffee drinker I wasn’t aware of the increasing coffee prices of green coffee beans, but I think you and the article you attached did a great job of explaining how supply and demand affects the coffee and industry and your life as well being a coffee company owner. I feel like after reading your post I have also learned quite a bit about of coffee.

      • #11517

        Fatima Pichardo
        Participant

        Hi Edward!

        Im a religious coffee drinker, I can’t go a single day without having at least a little bit of coffee! If you add that up its quite some money! I had no idea of all this so to think that now its gonna get more expensive is crazy. im from latin america and my grandma had a few coffee plants at home so sometimes we would harvest, toast and grind our own coffee and we would just use that. I think thats where the addiction comes from Lol

    • #11486

      Mohamed Hossein
      Participant

       

      War can bring devastating effects to the regions or countries involved and the uninvolved others. It can lead to loss of life, injuries, jobs, dignity, and can affect the economy. A few weeks ago, the whole world was able to experience first-hand the real effects of war, as Russia and Ukraine clashed. The war between Ukraine and Russia has affected the demand and supply of oil worldwide and, consequently, the cost. Currently, people worldwide are complaining of a lack of or inadequate oil supply within their country, which continues to push fuel prices up with each passing day. As Russia went into war with Ukraine, a majority of the western world imposed sanctions on it, causing Russia to revenge by reducing the amount they supply to these nations, thereby sparking a worldwide oil shortage.

      As expected, all world economies depend on oil to run their industries and fuel their cars. As a consequence of the worldwide shortage experienced, some industries have been unable to run their machines and motor vehicles, and this is beginning to show in the gradually slumping world economy. In my personal experience, the demand and supply of oil influence my life greatly. For instance, it determines how much I spend and my comfort level. As mentioned above, most industries use fuel to process their products. If the fuel cost rises, then commodity prices go up. Consequently, we are forced to spend more to purchase the same amount of products. Secondly, the shortage of oil has caused fuel prices to increase and this has led to more people being unable to afford fuel for their cars. As a result, most people, including myself, have been forced to use public transportation, which can sometimes be slow and cumbersome.

      References.

      Kolaczkowski, M. (2022). How does the war in Ukraine affect oil prices? World Economic Forum. https://www.weforum.org/agenda/2022/03/how-does-the-war-in-ukraine-affect-oil-prices/

       

      • #11492

        Edward Quinn
        Participant

        Hi Mohamed!  Great topic–extremely timely, gas prices are (still!) through the roof.  I just filled up my pickup truck yesterday and for the first time ever it cost more than 75 dollars to fill up (to be fair, I limped into the gas station on fumes so the bill reflected a completely full tank), and it hurt to see the final bill that was going to hit my credit card!  Unfortunately, I usually have to fill up my truck at least once a week, so these costs are very real on a personal note, and I also will be on public transit as much as possible now!  I did just hear on the news this morning that President Biden and the Federal Govt. are about to release a large amount of oil from a strategic reserve, so this will hopefully help get the prices back to a more manageable level.  I currently live in Philadelphia and this issue is so real; something I learned recently is that Philadelphia is the largest, poorest city in America and I can tell the gas prices are having a serious detrimental impact on folks stress levels as they struggle to pay for the necessities we all need like food and fuel.  I hope the supply increases again and prices can get below 4 dollars a gallon (fingers crossed!).

      • #11495

        Zakaria Ahmed
        Participant

        All world economies rely upon oil to run their enterprises and fuel their vehicles. As a result of the overall deficiency encountered, a few ventures have been not able to run their machines and engine vehicles, and this is starting to show in the continuously drooping world economy. As far as I can tell, the interest and supply of oil impact my life enormously. For example, it decides the amount I spend and my solace level. As referenced above, most ventures use fuel to handle their items. In the event that the fuel cost rises, ware costs go up. Thus, we are compelled to spend more to buy a similar measure of items. Besides, the deficiency of oil has made fuel costs increment and this has prompted more individuals being not able to manage the cost of fuel for their vehicles. Subsequently, a great many people, including myself, have been compelled to utilize public transportation, which can at times be slow and lumbering.

        • This reply was modified 7 months, 3 weeks ago by Zakaria Ahmed.
    • #11488

      Zakaria Ahmed
      Participant

      Supply and Demand both are crucial in the economic field. as well as Supply is the total amount of particular goods that should be available at the given time to the consumer at a given price. Demands are a representation of consumers’ desire to purchase goods and services. These two economic forces influence each other; they are both important for the economy because they impact the prices of consumer goods and services within an economy and the quantities produced and consumed.

      As per the standards of a market economy, the connection among organic market adjust at a point from now on. This point-at which supply is equivalent to request is known as the balance cost. At the balance point, the market cost for a given decent guarantees that the amount of products provided is equivalent to the quantity of merchandise requested. Now, costs are impeccably set to intrigue shoppers to buy merchandise; simultaneously, guaranteeing that organizations produce neither an excess of nor too little item.

      Organic market are different sides of a similar market coin. For the most part, supply is the amount of something is accessible or will be delivered at a specific cost. Request is the amount of something individuals need to buy or consume at a specific cost.

      One method for fostering a more exact connection between the two is to consider what the cost of something means for its stockpile and its interest. For the most part when the cost of a decent goes up, so does the stock, since firms will make more when they can sell at more exorbitant costs. Yet, when the cost of a decent goes up buyers will, simultaneously, for the most part request less.

      • #11493

        Edward Quinn
        Participant

        Hi Zakaria!  To build on your post, the concept of “economic elasticity” is very interesting as it related to supply and demand.  The higher the “r correlation” between price and demand, the more elastic a particular product is, and any change in price will affect the amount purchased (e.g. the higher the price for Vans sneakers, the less consumers will purchase), while an “inelastic” product (having value lower than 1), will be relatively unaffected by price changes (e.g. Mohamaed’s post above about gas; the higher the price, unfortunately consumers must still purchase the gas needed to get to work or handle errands, etc).  I think this is an interesting area that economic marketers and business owners study–that is, how much might we be able to raise prices of our pork bellies without impacting the demand in the supermarket for our pork products?

      • #11502

        Gabriel Aman
        Participant

        Hi Zakaria! I like how you brought up about organic market is very different between marekt economy because In which if you see the relationship at a higher perspective the price would demand the product price top be change to higher price. The higher the price goes you would start to see a less demand of people buying that certain product.

    • #11500

      Gabriel Aman
      Participant

      The aspects that affect my daily life connecting towards the article is gasoline priceses are hurendous due to the trajic war going on between Russia and Ukraine. These aspects affect my life becasue as us humans beings we use cars as our commute and as our daily jobs such as uber and taxi drivers etc. These factors are influenced towrds the supply and demand becasue the rising gas in which has driven such a struggle because other partners use oil for not only for production, but also casues a profit of margins such as goods and services to fall in which reduces the stock markets prices of any sort of comany goods and services.

       

      References. https://fortune.com/2022/03/15/gas-prices-top-five-dollars-next-six-months-economic-ripples-even-more-dire/#:~:text=If%20sky%2Dhigh%20gas%20prices,higher%20cost%20of%20daily%20commutes.

      • #11504

        Nadia Khan
        Participant

        Hi Gabriel. I agree, I dont drive however I have heard from many friends and family that gas prices have spiked due to the war. I use Uber and Lyft quite frequently throughout my week and I am sure the sudden gas price increases is also another reason as to why prices for trips have gone up. I also don’t follow or invest in stocks however I can imagine how this has impacted the market. Great article, thanks for sharing!

      • #11512

        Syeed Salvant
        Participant

        Hey Gabriel, I relate to what you are saying because the gas prices right now are appalling, it has become extremely expensive to fill up your tank, which makes it hard for people who use their own cars to commute to work or school every day. The article you shared was very insightful and a good read.

      • #11518

        Fatima Pichardo
        Participant

        Hello Gabriel, when I first heard about the gas prices going up I didn’t think it would affect me because I don’t drive but then I realized how much we use fuel for everything and how the gas prices going up would inevitably make everything else go up as well. As if things weren’t already expensive enough!

      • #11533

        Mohamed Hossein
        Participant

        Hello Gabriel. I think its funny that I also spoke about the gas prices, because its really crazy at this point! I use my car to go everywhere and overtime, I realized that It was taking a huge toll on my credit card! I began using alternatives such as uber or lyft and I hate to say this but a trip that would cost me 10 dollars now costs me atleast 28 dollars, which is insane.

    • #11503

      Nadia Khan
      Participant

      Hello everyone! The topic I chose to discuss today are the higher prices in Ubers nowadays especially post- pandemic prices. I used to use Uber a handful of times throughout the week usually to take me to work or home from work on days I get out late and think Uber is a safer option than MTA. But recently I have noticed a spike in Uber prices, a trip that would normally cost me $45 now ranges between $80-$90. I can’t afford to spend that much on commute but decided to do some research on why the sudden increase in prices. Ridester wrote an article on the increased prices in Uber and even stated ride prices are 40% higher than they were a year ago. They go on to explain the explanation for these prices are due to supply and demand. During the COVID-19 pandemic due to the lockdown no one had the need to commute anywhere, everyone was working from home and so the need for drivers decreased and many people gave up on driving for Uber since the demand was not there. As far as prices go with a limited amount of drivers, prices flunctuate according to supply and demand for example poor weather conditions, rush hour, or special events increases the prices. As demand increases, the driver supply decreases, and that causes prices to increase. This makes sense because prices in the morning during rush hour are always more expensive than the time of night when I need an Uber to get home. This affects my daily life because instead of taking Ubers I must take the train and that takes me longer to get home and to work.

      • #11534

        Mohamed Hossein
        Participant

        Hi Nadia, I actually really enjoyed reading your article because all the points you covered were extremely true! I am the type of person who relies on my car to get from point A to point B. Of course we all know how drastic the gas prices have increased, therefore plenty of people have relied on companies such as Uber. Because the prices of trips increased insanely, I now consider taking public transportation which is an extremely unreliable source of transportation. I am also sure that soon enough, the MTA will eventually start increasing their prices for the fares as well, which kind of makes me very concerned.

    • #11506

      Kevin j Pena
      Participant

      In this article we read about the unionization of Starbucks employees. This service will have a huge effect on myself as well as our society. This is the start of overworked and underpaid employees creating a union to prevent future unjust working conditions in their current facilities. This could start a quiet revolution of other retail employees following similar actions in their workplaces depending on the outcome. As we see Starbucks is creating a new position to try and please their employees to try and convince others to not join the unionization that is happening. These employees are reminding other retail employees that this is an option for a fair work environment. Causing major companies to review their processes for employee development, retention and fairness in the workplace. Having worked away companies who treat their employees as replaceable this is a great way to bring up the conversation. When I was a manager, corporate would make decisions that would completely ignore the way it would effect the customer facing employees. They would be the ones to deal with the backlash of the corporate decision. However they were also the ones that the customers blamed in there reviews. That resulted in many team members being fired for upholding a company decision. This was unfair but there was nothing we can truly do since corporate would not listen to “low level employee”. So this move to unionize Starbucks employees works to remind companies that employees have rights regardless of their position in the company. So this decision of Starbucks employee unionization served as a reminder to employees and companies that this could possibly happen to them if they choose to ignore the voice of every group of their employees. This also increases the demand for fairness or unionization amongst retail level employees. Which will effect most of our lives directly and indirectly.

      Reference

      https://www.wsj.com/articles/starbucks-hires-frank-britt-as-chief-strategy-officer-11649437575</span></p&gt;

      • This reply was modified 7 months, 3 weeks ago by Kevin j Pena. Reason: Was showing spacing codes
      • This reply was modified 7 months, 3 weeks ago by Kevin j Pena.
      • #11516

        Syeed Salvant
        Participant

        Hey Kevin, I’ve recently been reading articles about unionization and why workers are fighting for unionization, and how it will positively benefit them.  I agree with you about how the Starbucks situation will have an effect on other companies without a union and they’ll be put into a situation where they have to treat their employees better.

    • #11507

      Fatima Pichardo
      Participant

      I feel like the most evident supply and demand issues affecting us all today is the gas prices. As the global economy grows, so does the need for gas and other resources. Oil prices were stable in the past few years until COVID hit, which greatly impacted global economy. as the world started to come out of the pandemic and everything started to stabilize once again; Russia decided to Invade Ukraine. Witch has inevitably caused Russia to receive large economic sanctions. Shutting off the oil deliveries from Russia would be the worst punishment possible but given that they are the 3rd biggest oil supplier in the world, that would make the gas prices go up for everyone; like we’re seeing today. For now, most people are ok with the new prices, and they understand why it’s happening. However, this is causing other services and products to go up as well. since businesses need the fuel to operate different things, they are forced to increase their prices as well. For example, the company I work foe has recently increase the price foe the fuel surcharge we charge our customers when we make deliveries; and even the nail salon I frequent has upped their prices recently!

      This article goes into more detail and better explains the reason why we are facing this issues today.

      https://www.caranddriver.com/features/a15119896/why-are-gas-prices-going-up-when-demand-is-going-down-feature/

    • #11510

      Lingjiao Gong
      Participant

      This article mainly elaborates on the reasons for the growth of oil, the impact of the new crown, the war between Russia and Ukraine in recent weeks, the reduction of oil production. When demand for gas and oil plunged during the pandemic, “OPEC and oil-producing nations such as Russia cut production, slashing it by an unprecedented 10 million barrels. To put that in perspective, that represents 10% of the global supply. “ Production is still lagging as production increases slow but people return to pre-CORONAVIRUS consumption levels.

      U.S. sanctions against Russia affect global markets.

      ”where the price of gas goes from here depends on a number of factors, such as whether the U.S. makes a deal with Venezuela to import fuel from that nation”.

      https://www.cbsnews.com/amp/<wbr />news/gas-prices-high-<wbr />expensive-come-down-cbs-news-<wbr />explains/

    • #11511

      Syeed Salvant
      Participant

      I chose an article about the increase in the price of fruits and vegetables.  The price of fresh produce has increased 20% from December 2020 to December 2021 and it continues to increase.  Many things factor into why this is the case with fresh produce but inflation is a glaring reason.  When inflation rises above 5% supermarkets are no longer able to absorb the cost of it so they are forced to increase their prices.  Another reason the price of fresh produce has gone up is that the demand for it is now higher than it has ever been.  Because of the pandemic, people are more cognizant of what they put in their bodies and the interest in fresh produce has skyrocketed which also caused the prices of fresh produce to increase.

      The article elaborates on what I spoke about more in-depth and it lists more reasons why the price of fresh produce has skyrocketed.

      https://www.tastingtable.com/761254/the-reason-fresh-fruit-and-vegetable-prices-are-skyrocketing/

       

      • #11514

        Jamal thomas
        Participant

        Another thing I have noticed is the drive for people to grow their own personal crops have skyrocketed due to the increase in produce prices.

      • #11532

        Branine Jackson
        Participant

        The inflation of produce prices has made me grow my own herbs. I currently grow garlic, scallions thyme, and rosemary. This is mo much more cost efficient than shopping every week and it helps motivate me to cook more.

      • #11535

        Zilin Wu
        Participant

        Further increases in fruit and vegetable prices appear after the January 1 fuel price hike, as transport costs from farm to market have risen. Yields of fruit and vegetables are declining, but the most important reasons include reduced acreage, high post-harvest losses, and disruptions in supply chains. Vegetable acreage shrank or did not expand as farmers turned to more lucrative staple food and non-food crops.

    • #11513

      Jamal thomas
      Participant

      An article (linked below) from the Wall Street Journal reported in 2018 that a variety of companies operating within the organic consumables industry were being untruthful about the production/growing process of their produce. A statement from the article states “In fact, organic farmers rely on synthetic and natural pesticides to grow their crops, just as conventional farmers do, and organic products can contain numerous synthetic as well as natural chemicals”. With me being somewhat cautious about my dietary choices in general, its certainly important for me (as well as anyone else) to be given the truth about what goes into the production of the produce that we consume as a society. Especially considering the large variety of pesticides/synthetics, which can have a lasting effect depending on their ingredients and properties.

      Referenced Article: https://peelbackthelabel.org/latest/articles/wall-street-journal-organic-industry-lying/

    • #11519

      Kamila Soopy
      Participant

      Since the start of the pandemic, groceries from all categories, have consistently increased in price. It has been noted that with the current inflation rates, prices will continue to increase for daily essentials. There are many reasons for this happening. Higher gas prices on their own have a very significant effect on many peoples day to day lives, but it also affects farming as oil byproducts are part of fertilizer. Another reason is climate change which affects crop growth and viability. As our topic for this discussion is supply and demand, we can take look back at 2020, when the pandemic started people began stocking up at home and outside dining was closed; this created a higher demand for at home groceries without a sufficient supply for everyone who needed them. Two years later things are still the same, as products have higher demands, their prices go up, for example the USDA expects a 4% to 5% increase in dairy products for the next year.

      Article: https://www.usatoday.com/story/money/shopping/2022/04/05/food-prices-inflation-grocery-stores/9477026002/

      • #11536

        Zilin Wu
        Participant

        One of the articles from businessinsider.com also mentioned that “The reason for the price spike is textbook supply and demand in economics textbooks” As the pandemic eases, Americans have resumed more driving this summer, and a combination of domestic supply disruptions and troubled overseas energy markets has made crude more expensive.

    • #11520

      Hello Everyone,

       

      I choose an article about ps5 gaming console. The reason I choose this article is because I enjoy playing video game during my spare time. On November 12<sup>th</sup> 2020 Sony released the new gaming console Ps5.   The PS5 has been Sony’s fastest-selling console, having sold more than 10 million units, the company announced in July 2021. That’s a faster sales pace than the PlayStation 2, which launched in 2000 and remains the top-seller ever at more than 155 million systems sold. Sony’s facing two major issues. First is the global health crisis. COVID 19 pandemic. The global pandemic caused another problem with trying to produce the needed ships. Many chip manufacturers haven’t been able to supply as many semiconductor chips as companies need. Since pretty much any electronic device uses these chips, Sony hasn’t been able to produce as many consoles as the company—and customers—would like. This causes the demand for ps5 console to remain at a high level 2 years after the release date. Most people are on a lookout for new release dates for the ps5 console. Even with heads up notices. Majority of people are unable to obtain the console, as it is sold out immediately after release. My friends for example wasn’t able to obtain the ps5 until the end of last year. Ultimately, my friend dealt with the facts of paying a higher price to purchase the console. With understating that it is almost impossible to obtain it for retail price. Although, consumers are frustrated with the lack of production. We have to understand. All electric devices utilize the semiconductor chips, which makes it impossible to obtain due to frequent usage. Hopefully, Sony is able to make the product more accessible within the upcoming year, so that people can enjoy playing the great new awesome console.

       

      https://www.usatoday.com/story/tech/2021/11/10/ps-5-systems-demand-still-outstrips-supply-new-place-look-verizon/6372526001/

    • #11523

      Amanda Hines
      Participant

      The supply and demand conundrum I so vividly remember was during earlier COVID days. My partner and I being frequent gym goers, the type who feel cranky and tired if we missed a session, we dragged our feet around our quarantined home while the gym was closed with no opening date in sight. We decided on buying essential equipment to implement at-home work outs during our never-ending days. To our surprise, this idea was far from original Weights, supplies and gear were either sold out or priced higher than 6 months’ worth of membership fees. I could not believe how easily supply and demand could change with something that’s usually so easily accessible.

      See article link below to be blown away at the prices being charged:

      Lockdown lifting: US exercise equipment sales soar amid pandemic | Life and style | The Guardian

    • #11524

      Zilin Wu
      Participant

      According to the article “How Does Wage Inflation Affect The Economy?” by Gowen in financial Matters posted on February 18, 2022. It discusses how goods and services increase because of an increase in wages.
      High wages to recruit employees, thus increasing the cost, and the services or materials provided will also increase in price due to labor costs. As a result, all substances are comprehensively improved due to economic influence and demand. I can hardly feel that everything has changed in the current living environment. The price of shopping at the supermarket has risen, and going to a restaurant is more expensive than before.
      The service fees that need to be paid, the usual daily transportation, and the necessities of life are all more expensive than before. The demand and development of the economy are linked together. When social wages rise, price increases will affect wages and push inflation, which leads to companies raising prices. When the cost of living increases, companies increase the prices of goods and services.

      How Does Wage Inflation Affect The Economy? – lietaer.com

    • #11531

      Branine Jackson
      Participant

      The supply and demand of the the nail industry has made products for nail technicians skyrocket and forcing us to increase our prices. These days the products for a full set can range anywhere from $30-50. After factoring in the time it takes to complete the set and ensure that each nail is done with precision and grace, a set can total up to $80 for something minimalistic. Now for someone like myself you loves extra-ness, bling, and length my nails can cost about $100 for just the products, so in addition to the time it takes to finish my nails I tend to pay about $200 for my nails. The article on ‘Confessions of a Nail Tech’ breaks down a lot of the costs that nail technicians have to consider when creating their prices. These are things that most people don’t consider.

      Decided to show off an example of my nails. They usually take about 6 hours.

      Reference:

      https://confessionsofanailtechblog.wordpress.com/2021/02/08/why-is-my-full-set-of-nails-so-expensive/

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