Demand

So sophomore year I started accounting which brought me into the world of business. Last year I was in accounting II which was a more economically based class. Coming into economics, i already had a deeper knowledge of economics. Since we started the year, we've been focusing on demand, which is the desire, ability and willingness to purchase a product. So far this class has been super easy for me. We've learned so many new concepts that explain why changes in the demand effects the economy. Before i had a basic understanding of how demand worked. But now I understand things like elastic and inelastic demand and why there are some things that are exempt from normal demand because they are essential rather than optional, substitute demand which explains why there are such competitive products between companies like Nike and Adidas, demand curves which displays the differences between inelastic and elastic demand, demand variables which shows how different circumstances effect the market, ect. Throughout this chapter, I've been making connections to the current economy and how demand structures so much of todays society because many people today will buy things based on status rather than it's actual utility. Things like cars, bags, clothes, even where people eat are focused on the demand of the society. In America, society buys things based on appearence whereas in Kenya, things are bought for utility