Demand and Supply Demand and Supply are two crucial elements of a business’ success. Demand is the amount of the product/service that is required to meet need. Supply, is the amount of a product/service that is available to fulfill that need (at a specified price). As the service offered by the business is one of luxury, the amount demanded by customers will be highly influenced by the economic state. Therefore the main factor that will affect demand for it is price i.e. ticket, food and merchandise prices. This means that in times of recession and during periods of wide spread financial difficulty, the business is likely to see a decrease in demand for their service. As stated in (Mintel 2010) ‘Half of those who participate in leisure activities have cut back on at least one activity during the recession. Three out of ten have cut back on three or more activities.’’ However, fortunately for the business, more recent reports highlight that this may not be a worry ‘’The figures for the third quarter in 2013 show consumer spending activity increased by 0.8%, faster than any other quarter since 2010.’’ (Mintel 2013). Other factors that may also affect the demand of the business’ services include, the quality of the service, the taste of the consumers, the size of the population, advertising and the number of competitors in the market (Econport 2006) – which isn’t a concern due to the rarity of the service. (Appendix 1) The amount of product/service that the business is willing to supply relies on how much customers are willing to pay. Producers will try to get the highest price possible whereas customers will try to get the lowest, meaning the price of a product eventually balances out at the ‘equilibrium’ price. In this case, th... ... middle of paper ... ...nglandbasketball.co.uk/articles/article.aspx?aid=287&pid=668 . Last accessed 2nd January 2014. • ITV plc. (2014). Let's talk about cost. Available: http://www.itvmedia.co.uk/tools/rates . Last accessed 3rd January 2014. • Monster. (2013). UK average salaries. Available: http://career-advice.monster.co.uk/salary-benefits/pay-salary-advice/uk-average-salary-graphs/article.aspx . Last accessed 3rd January 2014. • Radio advertising. (2013). How much does advertising cost?. Available: http://radioadvertising.co.uk/costs. Last accessed 3rd January 2014. • SLOMAN, J and WRIDE, A (2009) Economics, 7th Ed. • Printing Direct Uk. (2014). A4 leaflet printing. Available: http://www.printingdirect.com/products/leaflets.php?s=a4 2014 . Last accessed 2nd January 2014. • Sport England. (2012). Funding. Available: http://www.sportengland.org/funding/ . Last accessed 4th January 2014.
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According to the Generally Accepted Accounting Principles, T-Shirts by Tommy can account for the accident is to record an extraordinary item. Using the definition from our Intermediate Accounting textbook, extraordinary events are defined as, " events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence" (Keiso). Because of the nature of the plane crash, and the fact that these types of accidents happen very rarely, it can definitely be categorized as extraordinary. Tommy needs to estimate how much to expense for the loss of the building and other losses associated with the crash. Then he must record this item on his yearly income statement.
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All firms are depending on market and customers because if customers will stop buying goods supply and demand of products will be down.
Supply - The number of products-goods and services that businesses are willing to sell at different prices at a specific time. As price increases, the corresponding quantity supplied increases; as prices fall, the quantity supplied also falls.
What does supply and demand mean? Demand indicates the quantity of a product or service that is aspired by
Supply and Demand, in economics is the relationship between the amounts of a Product that the producers are selling at a various prices and the amounts of the consumers desire to buy. There is a law in the Supply and Demand which explaining the interaction between the supply of the product or resources and the demand of it to the consumers. Both of it is connected to each other. The Law of Supply and Demand pull against each other that cause to it to increase or decrease in some various ways. There are so many factors that can affect both supply and demand.
When asked, “What, in your own opinion, would make another successful in this position?” he said, “You need a lot of people skills.” He believes in order to run a barbershop; you need to be able to meet the needs of the customer. If the customer is not satisfied, you will lose their business. You must be patient. If not, the customer will not return for more service. It’s all about keeping the customer satisfied. This led him to the topic of supply and demand. Most of his profit is dependent on what the customer wants. For example, if the customers come in and want to purchase a bottle of water, you have to provide the water at their convenience. This will keep the customer satisfied and ensure their return for more business. Sometimes business gets slow. He feels the need to bring in more customers. To achieve this goal, he offers various incentives such as discounts. The discounts allow more people to come in and e...
The revenue/cost period-: Revenue and the cost period in accounting that the company get income from normal business activities. It’s referred to normal business income that the company got by selling their product and service.
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Never have I ever climbed a mountain peak. As a child, I imagined myself conducting expeditions in deep-frozen pathways, leading amateur explorers to the top of the world, and instructing rookies in surviving harsh blizzards. Even though slightly altered, my childhood dream has been achieved. I led a team of fellow classmates, in my Strategic Management course, to the success summit of a financial competition. Over the course of a semester, I and my teammates were supposed to create and manage a company of the IT industry, in a computer-simulated environment, along with other four rival teams. I dealt with strategy and financial matters of our virtual enterprise, while my colleagues were working on marketing and manufacturing. During the four months of the exercise, I have experienced finance from various aspects: capital budgeting, through selecting favorable investment for upcoming quarters; debt management, by assessing the necessary amount and efficiency of loans; profitability analysis and dividend policy, which had been used to compile the company’s general performance index. Working in a multinational team, which included an American, a Norwegian and a Moldovan, strengthen my negotiations skills, as well as flexibility and cooperation. But above all, this experience intensified my passion for finance. Of course, a pleasant bonus was the fact that, in the end, our company’s financial performance was six times the performance of second-best team.