Victor Richenda SUPPLY AND DEMAND

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  • I just opened a new sporting and toy shop called "Mimi's sporting goods and stuff".  I made sure I bought my supply at a reasonable price so I can sell it for less than my competitors, while I'm still making a profit. 
  • Oh no! I lost all of my customers because my competitor is supplying more products that customers demand and for a better price!
  • Mimi just opened a new sports and toy store, hoping to make a good profit out of her new business. 
  • I think we should...
  • Little did Mimi realize that another store a couple of miles down the road was also selling similar merchandise for a better price!
  • After some thought, Mimi thought that it would be best if she got a business partner to run her company with. After some time, she finally convinced her best friend Jessica to join her. 
  • They started brainstorming ideas together that could help improve business. They knew that if they wanted more customers soon, they would have to keep up with the supply and demand process. This meant that Mimi and Jessica had to be able to provide all the products that their customers requested. 
  • After they finished brainstorming ideas, they put their plans into action. 
  • After they finished everything that they wanted to fix, they started making more money and business was booming again!
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