Demand refers to the quantity of a commodity consumers are willing and able to purchase at a given time over a given period. Supply, on the other hand, can be defined as the quantity of a given commodity that a supplier is willing and able to supply at a given price over a given period. It is important to note that demand is not the same as desire or want. Only when either of the two is supported by the capability and willingness does demand come along. Supply, on the other hand, deals only with the stock that has been brought to the market. The two disciplines mainly share two related factors namely, the price of goods and price of related goods. This paper looks at the ways in which both demand and supply are hinged by given circumstances using a real life scenario.
The Economist published an article in November last year that provides a critical view of demand and supply by providing an example of the institution of marriage. To illustrate this example, the article begins by giving an instance of a female executive who is at the peak of her career and who finds the concept of marriage a bit demanding for someone with her kind of professional stature. However, she decides to get married after all, and now, she and her husband can handle their jobs well and cater for their newly born child. Statistics show that fewer women are marching to the altar before the age of thirty. This is because the deal enjoyed by marriage terms does not always offer terms that women desire that much especially if they are career-oriented. As a result, most of them prefer to go to college and even obtain their master or doctorate to be able to argue on the same level as their future husbands. This way, the couples can see eye to eye on many things. It is just the same thing in the hypothetical seller and buyer situation where unless the seller can provide quality products, then the consumer will never be willing to part with their money. However, if the seller provides goods that dictate value for money spent, then the consumer will be willing to purchase. The seller, on the other hand, will not be willing to supply goods at unfavourable prices if he is assured of a market. He or she would rather hoard the goods until prices return to normal.
The highly educated women are beating their less educated colleagues in getting married while the number of divorces has been declining from the 80s to date. This situation has created an uneven marriage market. This situation can be related to the goods market whereby only those organizations or businesses that have up to date technology and equipment can survive in the growing market. Those that fail in improving their equipment and investing in current technology produce quality goods. Consumers, therefore, opt to go for those companies that dictate their presence in growth at the expense of slowly developing businesses. An example is the publishing business. The start of online publishing has received a lot of market as regards to potential buyers since the process is faster, easier, and cost effective. Good authors do not, therefore, have to spend time and money with agents to aid them in publishing using traditional publishing companies.
The same can be said for women with less education. They have over the years become less appealing to the elite men. Their market, therefore, remains with the less-appealing men. This has brought about a significant rise in the earning power of women while those of men without college degrees are declining. This trend is because of several women realizing the importance of education and the respect it brings. In the case of the goods business, even the big companies are very strict when it comes to the kind of personnel it employs. By employing unqualified specialists, big multinationals risk being exposed and hence losing their consumer base. To avoid this, they have to keep up with growing trends even when it comes to ingenuity. The same trend has been evident among women. Most of them realize that the manner in which men treat them if they are well educated is very different from how they would if they were just high school dropouts. Therefore, to increase the chances of men recognising them and getting interested in them, they decide to enrol for college degrees.
The challenges that have brought about many adults distancing themselves from marriage can be better explained by the fact that marriage does not offer such a great deal for women. Those who fault the breakage of marriages on moral crisis should be keen also to note the significant effects that arise after couples decide to get divorced. This concept also applies to big organizations, which have the desire to form mergers to sustain their high market demand. When most companies choose this direction, they end up experiencing cultural problems and in the end; the general productivity of the merger becomes less than predicted. Nevertheless, if these companies maintained their individual positions and tried solving their challenges internally, they would suffer less than when they merge. In the case of marriages, studies have revealed that fewer teenagers are getting involved in drug use, fewer are dropping out of school, and the rates of juvenile crime and teenage pregnancy are declining when parents remain separated. Therefore, those who wish to lure more partners to the altar have to keep in mind that the marriage market is just like any other market. People only buy if the price is right.
This paper provides a detailed analysis of a real life scenario that can be associated with the topics demand and supply and how each party is likely to behave when presented with certain terms or circumstances as in the case of marriage. The world is a marketplace, and only those that agree to the terms of a deal can endure in their kind of business.
Burkhard, Benjamin, Franziska Kroll, Stoyan Nedkov, and Felix Muller. "Mapping ecosystem service supply, demand and budgets." Ecological Indicators 21 (2012): 17-29.
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