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430-6 Applied Eco Reaction Paper
430-6 Applied Eco Reaction Paper
found virus which is the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-
2). This was first identified in Wuhan, China that had spread globally resulting it to being
a pandemic. This deadly disease causes people to panic buying the products that they
know they needed most like foods and hygienic items. People are told by doctors to
wash their hands frequently and to always have alcohol with them because being clean
Let us understand first the laws of supply, demand and economics to tackle and
react to this easier: The law of demand says that as the price increases, the quantity
demanded decreases; The law of supply says that as the price increases, quantity
produced increases; But there’s a law of economics which states that as items become
product alcohol specifically. There is an extreme raise in the demand for people is
willing to purchase this product because it is highly needed and there is an effect in the
supply. Manufacturers of alcohol indicated that they are working to increase the supply
to meet its demand. They must prevent having a shortage of this item and much worry
to people. Scarcity could happen at any moment. If this ever happen, there could be a
chaos in the economy. Having just enough supply are already causing hopelessness
the demand. When this happens, there would be an increase in the price because
manufacturers might have a hard-time producing the said product and the only thing
they knew to recover is to increase its price. There are also instances that resellers are
taking advantage of the sudden increase in demand to increase its price, to have much
higher profit. They know that people will purchase alcohol despite of its price.
Consumers are now getting hot-headed for the dishonesty of these greedy resellers
show. Some consumers are already doing prejudges to manufacturers without even
knowing that they are not the only ones who are having a hard-time with this crisis,
aspects. This is a lesson for us to be prepared at all times. This situation also shows us
what kind of persons are we. Whether if we are willing to take risk and do our best to
save our loved ones or fellowmen, are we the kind of person who panics and talks a lot,
or are we the greedy and opportunity taker. We must take note that money can be