The Supply and Demand Simulation showed how crucial the laws of supply and demand are in a business setting. The simulation was about an apartment management company in the city of Atlantis that was impacted by multiple macroeconomic and microeconomic issues. Microeconomic issues consisted of supply and demand, and also equilibrium. Macroeconomic issues were the price elasticity and price ceilings in Atlantis. These issues are very similar in my profession working for multiple country clubs. The supply and demand simulation proved that a shift in the demand or supply curve could cause big changes in the economy. If the demand curve had shifted to the left, a decrease in demand from consumers in Atlantis to rent apartments would have been shown. This would have led to much lesser apartments to be filled and the business to slow. The situation happened when a broad aspiration to own property forced the apartment management company to lower prices. The equilibrium price then became lower because demand decreased and supply stayed consistent. If the supply curved shift to the …show more content…
Sports and business runs my life and the economics of both are very interesting to me. In sports, it’s easy for me to notice why a team isn’t profiting as much as other team mostly because of merchandise and the number one being ticket sales. If the fans aren’t getting the product they want to see at the highest possible experience, they won’t support the team and will watch the game from home over spending money on an expensive ticket. Supply and demand certainly optimizes the performance in business, which ultimately effects the revenue and profits. The supply and demand simulation certainly showed a real life example of the renting market with apartments. I learned that each and every business is more similar than one may think, and it effects the decisions of millions of consumers