Supply & Demand - McGraw-Hill Introduction to Business

Trending Products on TikTok Lead to Massive Sales

October 19, 2021

With more than 1 billion users worldwide, TikTok has become a commercial powerhouse as companies fight for the attention of this enormous user base. Products that go viral on the short video platform are almost guaranteed to see sales skyrocket, leading some stores to create “As Seen On TikTok” sections to corral all these in-demand items together. For example, the New York-based candy store It’Sugar started stocking a brand of fruit-shaped gummies after they appeared in untold thousands of videos Continue reading →

Marketing, Global, Social Media, Promotions, Product Distribution, Supply & Demand, TikTok

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Bonus Chapter B: Technology and New Media

[VIDEO] How Retail Cheese Prices Weather Market Volatility

October 15, 2021

NickelsMcHughMcHugh

With supply chains snarled across the globe, food prices are on the rise as businesses contend with interminable shipping delays. Unlike many other items at the supermarket, though, cheese prices have remained relatively stable thanks to a number of factors discussed in the video below.

Questions:

Why does cheese maintain a relatively stable price compared to other staple foods like ground beef and apples?
What is “price smoothing” and how does it keep prices stable at supermarkets for consumers?

Entrepreneurship, Product Distribution, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

Southwest Airlines Suddenly Cancels more than 2,000 Flights

October 13, 2021

NickelsMcHughMcHugh

Last month, we looked at how air travel has become so complicated during the pandemic that people are turning to travel agents to make sense of the mess. But not even the most experienced agents could have prepared Southwest passengers for the problems that many encountered this past weekend. On Saturday the carrier cancelled more than 1,000 flights and then another 800 on Sunday, followed by 360 more cancellations and close to 1,000 delayed flights on Monday. Southwest apologized for Continue reading →

Global, Supply chains, Transportation, Travel, Product Distribution, Labor Shortage, Supply & Demand, Airlines

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 9: Production and Operations Management, Chapter 11: Human Resource Management, Chapter 15: Distribution

Continuing Supply Chain Problems Lead to Price Increases

October 1, 2021

NickelsMcHughMcHugh

For months, supply chains across the globe have become highly disrupted due to a multitude of factors related to the pandemic. From closed factories and clogged ports to a shortage of shipping containers, supply chain snags are harming small businesses and could possibly affect the flow of goods during the Christmas season. And in the immediate term, shipping issues are contributing to rising inflation which then leads to price increases, something that has been felt by consumers across Continue reading →

Economics, Operations Management, Global, Manufacturing, Supply chains, Product Distribution, Supply & Demand, Coronavirus, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management, Chapter 15: Distribution

[VIDEO] How a New Generation of Card Enthusiasts Are Transforming a Market

September 24, 2021

NickelsMcHughMcHugh

Over the course of the pandemic, sports card trading has transformed from a niche hobby to a booming market as people started turning old collections into big money. This video looks at how appraisal companies and online trading platforms have changed collecting forever while attracting the interest of Wall Street investors in the process.

Questions:

How did sports card collecting transform from a fading hobby into a lucrative and vibrant market?
Do you think the market for cards will Continue reading →

Marketing, Ethics, Entrepreneurship, Sports, Entertainment, Product Distribution, Supply & Demand, Stock Market, Securities

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 19: Securities Markets, Videos

Restaurants Reconsider Wage Structures after Employee Shortage

September 23, 2021

NickelsMcHughMcHugh

Since the widespread restaurant shutdowns of 2020, workers have steadily started to leave the food service industry, many for good. Along with the dangers of working in public during a pandemic, employees also found that some customers at reopened restaurants tended to tip less while others responded aggressively to mask rules. As a result, eateries across the country have nearly one million fewer filled positions than they did before the pandemic, amounting to an 8 percent decrease. And in a Continue reading →

Human Resources, Labor Relations, Hiring, Restaurants, Recruitment, Food & Drink, Supply & Demand, Coronavirus, Pandemic

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 10: Motivation, Chapter 11: Human Resource Management, Chapter 12: Labor Management and Unions

[VIDEO] What One Winemaker’s Pricing Decisions Tell Us About Inflation

September 10, 2021

NickelsMcHughMcHugh

Although demand for wine from California’s Napa Valley has never been higher, supply is low across the region after years of drought, wildfires, and then the pandemic disrupted production. This video looks at the inflationary pressures currently weighing on winemakers as they consider whether or not to raise prices on the latest vintages.

Questions:

What inflationary factors are driving winemakers to raise prices on their products?
What are the potential advantages and disadvantages for businesses when they raise prices?

Economics, Marketing, Entrepreneurship, Manufacturing, Labor Relations, Pricing, Product Distribution, Food & Drink, Supply & Demand

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management, Chapter 12: Labor Management and Unions, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

Supply Chain Delays Could Impact Christmas Shopping Season

September 1, 2021

NickelsMcHughMcHugh

Over the course of the pandemic, problems with global supply chains have affected companies both large and small, leading some to reconsider their relationships with international manufacturers. Many other businesses are waiting for their products to arrive after weeks or even months of delays. For instance, the toy maker MGA Entertainment said its stock of Rainbow High dolls has been held up overseas due to a shortage of shipping containers. As a result, the company will likely not Continue reading →

[VIDEO] Why Affordable Houses Are Hard to Find These Days

August 27, 2021

NickelsMcHughMcHugh

Across the country housing prices are skyrocketing to record highs, effectively pricing millions of people out of buying their first homes. This video looks at how this lack of supply in the face of soaring demand can be attributed partly to American zoning laws, which can have the cumulative effect of raising housing costs for everybody.

Questions:

How have American zoning laws contributed to the current lack of affordable starter homes?
Do you think zoning laws against multi-family housing Continue reading →

Ethics, Real Estate, Product Development, Demographics, Product Distribution, Supply & Demand, Housing

Chapter 2: Economics, Chapter 3: Globalization, Chapter 14: Product and Price, Chapter 15: Distribution, Videos

Airlines Anticipate Drop in Travel due to Delta Variant

August 24, 2021

NickelsMcHughMcHugh

At the beginning of summer, major airlines had plenty of optimism that rising vaccination rates would entice Americans into traveling again. Initially this hope seemed to be well-placed as demand for flights increased and prices surged accordingly, with the Consumer Price Index finding that airfares rose by 7 percent from April to May 2021. While prices stayed around that level through July, sales started to sag by August as carriers saw the impact of the Delta variant on their bottom Continue reading →

Global, Pricing, Product Distribution, Air Travel, Supply & Demand, Airlines

Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 14: Product and Price, Chapter 15: Distribution