Supply and Demand
The COVID-19 pandemic and its ongoing aftermath, combined with global production and transportation challenges, have caused significant disruptions in supply chains. These disruptions have led to shortages of many everyday items.
For this discussion, choose an item that you personally experienced a shortage of in your life (e.g., a product you regularly buy, a good essential to your work, or an item you actively searched for during a shortage).
Prompt
Create a thread to answer all the discussion questions below.
- Personal Connection: Why did you choose this specific item?, Share a personal anecdote that highlights why this shortage was significant to you or how it impacted your daily life.,
- Factors Behind the Shortage: Investigate the specific factors contributing to the shortage of your chosen item., Use evidence or personal observations related to local stores suppliers or industries that affected availability., Reflect on how these factors may have varied depending on your location or community.,
- Supply and Demand Impact: How did you notice the shortage impacting the availability or popularity of the item? Did you observe people behaving differently in response to the shortage? Describe specific instances where you or others had to adjust their purchasing habits.
- Price Changes: Share your own experience or observations about how the price of this item was affected. Did you notice price increases, fluctuations, or efforts to ration the item? Explain how you personally responded to these changes.
- Economic Analysis: Using concepts from Chapter 3 (such as supply curve, demand curve, equilibrium price, or market forces), analyze the shortage and its effects. Be sure to ground your analysis in your own experiences and observations.
Note: To maintain the focus on personal insights, avoid using generic examples or items you haven’t personally encountered.
Collaborate
After posting your response, engage with at least two peers by sharing how your personal experience with shortages or price changes compares to theirs. Highlight the role of location, timing, or other unique factors in shaping your experiences.