Marketing Equilibrating Process in Ministry

Market Equilibrating Process in Ministry

Terry O. Shadix

University of Phoenix

ECO 561

Economics

Dr. Ron Skeddle

May 20, 2010

Summary

Ministry is an endeavor that is without a final good for sale in the marketplace. In ministry, the raw material is time, and from an economic perspective time is money. . Ministry can be considered a not-for-profit service industry. How does the market equilibrium process come into play in this type of industry?

Leaders in ministry focus on principles to manage time give the finite supply of time and unlimited demand.

Pondering the question of supply and demand, one must decide the importance of an item in relation to its supply and/or demand. For instance, time is always in greatest demand, and of short supply. How does one categorize one’s priorities to attain equilibrium in the time market? One can easily prioritize one’s tasks in order to remain focused and to prevent any shortage or excess of time.

Life’s demands incessantly drain our limited, finite quantity of time supplied in each day. Suppose an individual rests for a full eight hours each day. That leaves 16 hours available to the individual to complete the necessary tasks for the day. Suppose, the very same individual spends two and one-half hours each day for meal breaks, and two hours each day commuting to and from work. The individual has already lost another four and one-half hours of the 16 hours available. This leaves the individual with only eleven and one-half hours to complete his/her tasks.

Equilibrium is neither an excess nor shortage of time in this example. Equilibrium would be achieved when there are no more tasks to complete (demand) and no excess time (supply). Equilibrium in the time market is achieved when all of one’s tasks for the day are complete with no remaining time in the day. McConnell & Brue write that “Markets bring together buyers and sellers, and they...