Econ 111: Synthesis

A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people.

John F. Kennedy

Our first idea for the play is to show the relationship between buyers and sellers, but because, after some thinking, we realized that this may be too broad for a couple –of-minute play. So, we decided to limit our topics into:

 1. Market forces of supply and demand and

 2. What the behavior of the buyers and sellers are when it comes to market economy.

Market is the place of Decision making

Market is a group of buyers and sellers of a particular goods and services. Thus, it affects the behavior of the sellers and buyers for survival. The opening of the play emphasizes the decision making between two buyers. Choosing or deciding on what product to buy highlights the routine of our fellow buyers. And same as the old times, deciding what goods to purchase before going to the specific market is a good technique to save time. Time is precious, so we must use it effectively and wisely.  As the play progresses technique and method of the sellers were introduced. Music, melodrama and even dances are performed by the seller in a perfectly competitive market. In the world of clothing, in order to sell all the products you need to have skills and well plan method. One method is the decreasing of price of a product to meet the demand of consumers. As the Law of demand states the quantity demanded of a good increase as the price falls. Similarly, this is related to the two sellers who are competing with each other and dropping the price of their goods makes a good impact for the consumers.

Sellers are Risk takers

As the third principles states, Rational People think at the margin; this explains the behavior of sellers and buyers in achieving their objectives. First let’s examine the behavior of the buyers in terms of their rationality. Buyers are important to the sellers in achieving their objectives in life. Somehow, they are very tough in terms of purchasing a certain product. In the play, the buyers are very observant on its surroundings. They scrutinize the price, quality of the product and even the number of buyers of that certain manufactured goods. Also, they make decision by comparing the cost and as well as following their taste in a purposely way. On the other hand, sellers become risk takers. They find ways to sell their products and to maximize profit.  Also, they do their best to attain their goals in a systematically way. Though singing and dancing in a public place is an awkward thing for the sellers but they must do it in order for them to convince and win more costumers.

Price as a catalyst for change

Incentive is something that induces a person to act.  On the play, price is the catalyst why buyers and sellers respond with each other. Buyers get confuse in deciding which stall to buy and sellers baffle on how they will encourage the buyers to acquire their stuffs. Moreover, the participation of the by passer destroy the strong foundation of the sellers toward the consumers. It is the reason why most of the manufactures gets angry and decrease the prices of their goods at a very large amount compared to the other sellers. The action of the buyers changes as they respond to incentive and deciding on what stall to purchase a product is solve. This concludes that the influence of prices on the behavior of the consumers is essential.

To the left, to the right

Markets is a place where people distinguish whether someone either acting so mysterious or seriously. The song price tag that was performed on stage stresses all of the things in this vast world have its own price tags. However, this does not mean that money can buy all the things in life though we can say that it becomes the gasoline for us to move. The song also emphasizes the mysterious actions of the sellers such as why they decrease prices on their stuffs and acting like weird people. Nevertheless, buyers are also accentuates as the serious people in the market that changes the attitude of the sellers.

Learning is an Earning.

This line stresses about the importance of economics in life. The passage tries to explain that we learn many things in economics; how to manage scarce resources while earning benefits for the everyday living. Moreover, we already examine the behaviors of the sellers and buyers and all the things behind the colorful world of market. These ideas become a strong foundation as we perform in our everyday lives. Finally, don’t let others steal your knowledge about this subject because learning economics is precious earnings.