Question

you have to choose a topic of your interest and apply more than two concepts of economics. you can choose a song, movie, poem and personal story for analysis.

Answer 1

Selected topic- Personal story.

When I was in school, I started a small business of selling greeting cards to students in my school, because I was good designer and I like to paint. These following concepts of economics I applied at that time.

1. Scarcity- There was scarcity of greeting cards in school because there were very few students who were good in art. And not everyone is good in art, so even if everyone want to give greeting card to their love ones, they were not able to make good greeting cards, So, that was good chance for me to earn some extra money.

2. Supply and Demand- There was a great demand of greeting cards, but only two of my seniors use to make it and sell it. So the supply is not enough as per demand. And also as they have many orders for greeting cards, they use to take much more extra money for urgent orders. So, there were no scarcity of customers for me. I just need to be start making greeting cards and they got sold so easily.

3. Costs- To attract customers keep prices of our products low than others is always a good strategy. Thats what I did in school. I use to take low amount of money from students, because of that they use to give me orders. Everyone wants to spend less money and complete their work. So, costs of product affect lots of things while doing business.

I hope this is helpful, thank you.