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Article summary
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VOL.1
Automakers all around America made a lot of profit in the year 2013. However, sales rate have become so high it's far less than the demand by customers. Car dealers are having difficulties getting brand name cars such as Honda and Nissan, because of the high requirement of it. In August Businessweek came up with lists of cars that dealers ran of out in less than 90 seconds of sales. At times like this consumers and manufacturers are in a tough position. Consumers find it harder to bargain prices; on the other hand manufactures struggle with the right amount of cars to produces because they want to avoid overproduction.
In relation to the concept of chapter 1, this article reveals the underlying meaning of scarcity. The unlimited psychological wants of the people caused the supply of the good, which in this case is the brans named cars, to become scarce. Automakers were unable to provide enough cars to sell to the customers, due to the limited amount of resources. All theses aspects of the article relates to main conception of economics, which is using scarce resources to satisfy wants of individuals.
SUMMARY
ECONOMIC CONCEPT