Supply Wrap Up

Supply Schedule

Inelastic Supply Curve & Example

Elastic Supply Curve & Example

 Supply Schedule with an Increase and Decrease in Supply Along with A Supply Curve

Central Question & Annotated Bibliography

• Central Question: How was Vietnam’s economic situation over the years?

Bibliography:

• "Vietnam Overview of Economy" n.p. The Encyclopedia of the Nations, n.d
• In this medium sized article, it explains the extensive history of Vietnam and the impact it made on their economy. It starts out with the wars that plagued the country and the loss of lives and resources that came with it. The website gives a clear, brief overview on the changes that the government made in order to better the economy.
• The way that this article helps give an answer to the central question is a clear and simple. It gives enough detail in order to show the change in the economy in Vietnam without beating it to death. The article gives solid detail and dates that make it very accurate. It also describes terms in it’s history in enough detail to understand it and how it corresponds with the topic.
• Kim, Youngmin. The South Vietnamese Economy During the Vietnam War, 1954-1975. December 2007
• This research paper by Youngmin Kim is a very modest sized, but also detailed paper on the economy of the South Vietnamese Economy during the war. The author has has a table of contents that list every topic that is written on. There are graphs and diagrams that show the evolution of the economy of the region. They also include detailed charts and a bibliography for further information.
• The detail and the organization in the paper makes it really easy to understand the economy of South Vietnam during the war. It helps the reader understand the effect of the war on the economy on the region, which in turn, affected the rest of the country. Sometimes, to understand the state of the economy of a country, you need to look at the bits and pieces, so this paper helps to get a grasp of it all.
• "Vietnam’s Economy: Poverty and Prospects." Mowl, Amy. Pham, Phung. Pruitt, Darcelle. Mahto, Ananda. December 1, 1999
• This article is formed into a heavily detailed essays that starts out with the war’s impact, the civil injustice and a lot of other heated topics for the country. It states within the text that the topics of Vietnam’s Economy condition before, during, and after the war are discussed in detail as well. It also describes other countries influence on the country as well in detail.
• Much like the sources before this one, this essay is organized and detailed to talk to the reader about the troubles accurately. It’s organized in an essay format so that it is easy to read. The topics discussed are even displayed before it’s corresponding paragraph so that if you want to read more about one topic than you do another. At the bottom of the essay is a neatly written conclusion and a works cited page in case the reader wishes to learn more about the topic beyond this paper.

Demand Reflection

http://vocaroo.com/i/s0A8PzSwfEN6

Demand Wrap Up

Part 1

• Utility- The usefulness that a good/service can provide to the consumer
• Computers nowadays have a major utility in our society

• Complementary Demand- When the demand for a good goes up, the item that goes well with it will go up in demand as well
• Rice, teriyaki sauce, and any type of meat are complementary items

• Substitute Demand- When a good becomes scarce or too expensive, a product that can replace it easier will go up in demand
• Soy milk would be in substitute demand if milk were to become scarce

• Elastic Demand- A good or service that is easily replaced 
• Tofu is elastic for people who don't eat meat.

• Inelastic Demand- A good or service that is not easily replaced. 
• Clothes would be a item that would be considered inelastic

Part 2

• Elastic

• Inelastic

Part 3

• Increase in Demand

 

• Decrease in Demand

 

Changes in Demand Enviroment

Consumer Income

 

 

For each price the demand changes due to the change in the amount of income that is recieved in the area that is in question. As the price of the item goes down, so does the price but when the income of the consumers increases due to different factors, then the demand comes with it. With the prices in question, we see just that, which means that more jobs or more steady in comes were developed which causes a increase of demand in a product, like electronics or such.

 

Change in Expectations

 

 

 

Sometimes with consumer interest over a matter of years or decades, you see one of two things: Demand rise or demand fall. Usually, there are many contributing factors, but a major one today is the change in expectations. Our world is ever evolving with new technologies and other advanced products, our expectations evolve right along with it. In the case of the graph and the schedule, we see a fall in demand due to a lack of meeting basic expectations. A very good example of our rising expectation is our food regulations.