Economics 102 (Money Matters)

2 Minutes Business Article

Title: Economics 102 (Money Matters)

The time is already here, where the entrepreneurs who will last in business and always see/have bigger opportunities open up for them are those who are always willing to give more through their products and services than they get in payment.

I saw it first hand, growing up as a young lad in a military barracks; how price can propel competition, and how the prices of products are determined by the laws of demand and supply.

I saw in the neighbourhood how two women would be selling the same products, and the demand on one will be higher than the supply because she kept her price low, and had good product; whilst the demand on the other woman's product was low because she would not bring her price down for anything.

On making findings, the one's who kept their prices high would always say they got their goods at a higher cost, so can't sell low.

What they didn't do!

So many entrepreneurs find themselves in a similar situation today; they buy high and can't sell low, so, demand is low.

The laws of demand and supply thrives even in real estate. But with slight difference: In most cases, if demand increases, supply remains same as land or houses cannot be produced like common products. However, in real estate, price can rise when demand increases; while for most products, increase in demand galvanises a competition that brings down prices, except if there is monopoly.

The Idea is this: whatever business you do, build a reputation for giving more in service than you get in payment.

Action Step: Cut down the price of any product you've not been able to sell for long. Seek for one way to help your customers today.


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