Unit 1 project
Storyboard Text
- Slide: 1
- I heard from someone that you are making a similar product that is like mine. My product is one of a kind and will be better than your candy will ever be.
- We are competitors now, this will help each of us grow though. You cal look at it like it is bad, but it is actually good.
- Competition between companies can be a good thing. It pushes the business to come up with new ideas to make their products better. It helps the business produce better quality and it could reduce the price of the product because people will want to buy the cheaper version of the product they want. Competition can help businesses.
- A lot of places do both goods and services. Service is what they do for you. For example, they make you something, they order you something, etc. Good is something you get/have, for example a drink, a computer, etc.
- Slide: 2
- Hey do you know what place provides both service and goods?
- A good example of both, is starbucks they make your order which is a service and then they give you the drink you ordered. The drink is the good.
- Supply and demand are not directly related, it all depends. If a cup is priced at $50, the demand for the cup would probably be less than how much is supplied. This is hard because as you increased the cost it resulted in having so much left over. This is because you have such a low demand for a $50 cup. We see the supply shoots up because now they have so much money so they just supply more. Eventually, we have too many, which results in the demand being lower than the supply. If we were to change the price of the cup to $10, the demand for the product would probably go up and the supply would go down. This is because they don't have the money to supply the cups since it is priced so low. This is how supply and demand work, you need to find the middle ground so the demand and the supply are equal. It is trial and error.
- Slide: 3
- Did you know some businesses run out of supply when the demand is too high.
- I did not know that, so if I were to price and item high it would probably low er the demand and there would many supply of it left over. I would probably need to find one that supply the same amounts as demands.
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