economic problem analysis

Markets VS. Ethics

Chapter 4 regarding supply and demand is by far the most important chapter in ALL of economics. The content and material are not difficult but do require you to think intuitively and perhaps a bit “outside the box”. Markets are competitive, we want that. Consumers are sovereign, this means we get the best price for the best product. This is what economics studies, how to best allocate scarce resources and meet the greatest amount of wants and needs.

This topic has been recently in the news and I do realize, quite possibly that the females in the class might know better about frequenting nail salons but I imagine the males in the course have significant others, mothers, or may be patrons themselves. [Nice hands are like nice teeth–J ]

Alas, we struggle within the economics disciplines sometimes to intertwine the issue of ethics because consumers constantly are demanding more products for a lower price. Sometimes, in order to solidify consumer demand, and hence, profits some practices and protocol may be deemed unethical.

What is the solution from an economics standpoint? To further regulate and enforce laws, becomes costly. See the two articles below that highlight this industry in New York City (where there are more nail salons than Starbuck’sin a particular area, and many shops operate 24 hours a day) versus the article on California and how they have tried to combat the labor issues faced in this industry.

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