Economics Explain How an Understanding Term Paper

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4. Jon opens a video-rental store. What factors should he consider in making his decision on what hours to operate each day? What hours would you recommend? Why?

The rule is that every business is different. Jon's video-rental store sells a specific product to a specific customer base; this means that the offer has to be tailored to the needs of the respective market. Elements which should be taken into consideration then include:

The working schedules of the target market

The preferences of the target market in terms of the times they want to watch the movies

The demographics of the target market

A proposed schedule is that of 1 PM opening hours and 12 PM closing hours during the week so that customers can rent their movies on their way from work. During the week-end, the store should be opened in the mornings so that customers can rent their week-end films or the Saturday morning cartoons for the children.

5. How do price ceiling, price floors, deficiency payments, and other artificial controls over price undermine the effectiveness of the price system?

All these elements represent artificial interventions in the price system which eventually mean that the price is no longer set by demand and offer.

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In other words, the price is artificial and it does not reflect the realities within the market. This could lead to customers' and economic agents' dissatisfactions, but could also be rooted in deeper economic problems, such as inefficient industries which require state subsidies.

6. Why doesn't the theory of competitive pricing provide a completely accurate picture of real-world economics?

In order to succeed in this globally dynamic market, economic agents implement competitive prices. Yet, the competitiveness of the prices in the international market does not always reveal the costs incurred in the manufacturing of the products. Several countries subsidize their industries in order to stimulate production. This means that the competitiveness of the products' price then does not reveal the strength of the respective industry, but the involvement of the country's government......

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