Economics

Economics
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  • It was early one morning when Jim arrived at the car dealership.  He hadn't slept all night and was so excited.  He had looked at several cars online and had liked two that he liked.  One was red and the other was white.
  • When Jim finally arrived, after his long walk from the parking lot, he was greeted by the salesman.
  • Nice to meet you!
  • After their introduction, they started looking at cars.
  • Nice to meet you too.
  • This car is old and not many people won't buy it even though there is a huge supply.  Lucky for you this causes the price to be lower.  This is supply and demand.
  • The salesman told Jim about the car.
  • After this, they turned to the other car.
  • When they were finished outside, they went into the salesman's office.
  • On the other hand, there is a high demand for this car, but there aren't many left.  This causes the price to increase.  This is also supply and demand. 
  • Do understand that if you choose the white car, the red car is your opportunity cost.  An opportunity cost is something you give up for something else.
  • With the mew information Jim had received, he made up his mind.
  • He might have been late getting home that night, but it was all worth it.  H had gotten his dream car and had learned a little bit about economics.
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