Choose one of the aspects of demand that we have studied in this unit thus far (listed above) and reflect upon an example of it in your life. Make a connection between what we have studied in class and what you personally experienced.
One of the aspects of demand that I can easily connect to my life is the difference between elastic and inelastic demand. Since I work now, I have my own money and I get to decide what to spend it on. However, I have a minimum wage job so my funds are limited and I have to pick and choose what I spend my money on. Most of the things I buy, I have elastic demand for. Since I mostly buy clothes and shoes, it is easy to stop when the prices go up, I run out of money, and no longer have a demand for them.
An example of inelastic demand in my life is my need for gas. Basically I buy gas no matter what, because it is something I constantly need. No matter how much the price changes, I will still buy it because I need it to get to school every day. My parents actually gave me a gas card and they pay for my gas, so I don't have to alter my spending in order to be able to afford gas. This makes me wonder if I would spend less money elsewhere or not drive as much if my parents didn't pay for my gas.
Choose one of the aspects of demand that we have studied in this unit thus far (listed above) and reflect upon an example of it in your life. Make a connection between what we have studied in class and what you personally experienced.
An example of inelastic demand in my life is my need for gas. Basically I buy gas no matter what, because it is something I constantly need. No matter how much the price changes, I will still buy it because I need it to get to school every day. My parents actually gave me a gas card and they pay for my gas, so I don't have to alter my spending in order to be able to afford gas. This makes me wonder if I would spend less money elsewhere or not drive as much if my parents didn't pay for my gas.
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