Submitted by: Submitted by kyrenindia
Views: 445
Words: 417
Pages: 2
Category: Business and Industry
Date Submitted: 09/15/2010 02:53 AM
The market equilibrium in business can be the same as situations in our lives. When finding the equilibrium market the demand and supply of a product is very important. Any natural or human disasters can lead to an increase or decrease the necessity of a product. Recently the BP oil spill has messed up our fishing industry and it has devastated our water habitat and drastickly hit our economy (Pugal, 2009).
The BP oil spill has hurt our economy so bad that it will be felt for years to come. The fishing and shrimp industry will never be the same. After the spill became relevant to the media, it hit home with every family who uses or has anything to do with the water or fishing industry. The wildlife in the water was one main source of our economy as far as jobs and food supply. Since the oil spill, it has killed millions of seafood in the water, this shortage will create a supply and demand from other places around the world.
This oil spill will make fish and other wildlife that we eat drastically increase in price and a demand for it will increase. Many restaurants and grocery stores like Wal-Mart have reduced or stop selling seafood at all. People around the world will stop eating seafood because they think that the fish and shrimp maybe unsafe. This has hit home because my family loves seafood and it has made an impact on where and how I buy or spend on seafood.
The market equilibrium price is usually the price between the sellers and buyers. The consumers will be willing to pay top dollar for fish and shrimp if they want to continue eating it. The market for these products will increase and become more competative and businesses they will have find strategies to bring consumers in. Once BP has clean up the water there will be a still be a shortage for years to come (Ball, 2009).
The equilibrating process is used to reconcile a process of supply and demand used in our economy every day. This process is also relevant in our everyday lives as we...