We have now ventured in the part of economic theory where we explore why we buy goods and services. We know we respond to prices but we also buy goods because we derive satisfaction from them. Consider the law of demand and of supply, elasticity and consider the determinants of demand, supply, and the determinants of elasticity. Then, watch the following video clip.
"A Place for My Stuff" by the late comedian George Carlin. # 1:http://www.youtube.com/watch?v=JLoge6QzcGY
The video is from the late George Carlin - there is some profanity and "adult humor" in it - so be careful if you are at work or home watching it - Comment on this. When is enough enough? It is true what the bumper sticker says that "whoever has the most stuff at the end wins"? Is he/she the happiest? Or, is happiness determined not by who has the most, but who needs the least? What is all this stuff doing to us? Are we better off? Worse off? Neither? Or both? Why are self storage facilities and "home organizers" some of the fastest growing industries in the USA?
We have now ventured in the part of economic theory where we explore why we buy goods and services. We know we respond to prices but we also buy goods because we derive satisfaction from them. Consider the law of demand and of supply, elasticity and consider the determinants of demand, supply, and the determinants of elasticity. Then, watch the following video clip.
"A Place for My Stuff" by the late comedian George Carlin. # 1:http://www.youtube.com/watch?v=JLoge6QzcGY
The video is from the late George Carlin - there is some profanity and "adult humor" in it - so be careful if you are at work or home watching it - Comment on this. When is enough enough? It is true what the bumper sticker says that "whoever has the most stuff at the end wins"? Is he/she the happiest? Or, is happiness determined not by who has the most, but who needs the least? What is all this stuff doing to us? Are we better off? Worse off? Neither? Or both? Why are self storage facilities and "home organizers" some of the fastest growing industries in the USA?
