Lobster Example

 

http://hereandnow.wbur.org/2013/08/12/lobster-price-low

  

1.      

 Draw a diagram of how lobsters are caught and distributed.  Any is acceptable, just show a flow for business purposes.  Or if you wish not to diagram, then describe the distribution steps in the process.

2.      

Discuss lobster supply and demand, with pricing and quantity in the market.  You can draw this as well to help but you may also just write it in paragraph form.   Make sure to mention when supply and demand “meet” what is achieved.

        

The Lobster Example

 

Listen to the following NPR link on the glut of lobsters in the market –

 

Answer the following questions – 10 points each – use a dropbox on LEARN to submit.  Due the day of the midterm, October 21st.  This is to HELP you with the midterm, bringing the text to ‘life’ – using a real world situation.  These 30 points count as part of the 100 section points.   And yes, other sections do not do these assignments.

   

Link:

   http://hereandnow.wbur.org/2013/08/12/lobster-price-low     1.        Draw a diagram of how lobsters are caught and distributed.  Any is acceptable, just show a flow for business purposes.  Or if you wish not to diagram, then describe the distribution steps in the process. 2.       Discuss lobster supply and demand, with pricing and quantity in the market.  You can draw this as well to help but you may also just write it in paragraph form.   Make sure to mention when supply and demand “meet” what is achieved. 

3.      
Discuss economic systems.  How would this lobster ‘problem’ change as government changes?  And what I mean is describe this in a capitalist, socialist AND communist economic system.  How would things change from one economic system to another?  In terms of quantity supplied into the market, in terms of ownership of business, in terms of profit distribution and retention.