INTRODUCTION
How well do you know and understand the market system and demand?
The following assignment is based on Web-based question number 3-2
from the McConnell
Web
site.
There are many factors, including the number of consumers, that influence
market demand. Of course, entrepreneurs must project the demand for their
product before determining how much output to produce. Business people
often use population projections as one means of projecting changes in
demand.
As economic consultants, you and your partner(s) have been asked to
forecast the demand for the three products listed below based solely on
population projections.
-
clothing for children four years of age and younger
-
music CDs for teenagers 15-19 years old
-
housing for senior citizens 85 years of age and above.
With your partner(s), project the change in demand that will occur for
each of the above products in each of the countries assigned to your group.
Base your projections on the population changes for each of the three appropriate
age groups. Population projections can be found using the U.S.
Census Population Pyramids web site.
Which country would you expect to have the greatest percentage
increase in demand for clothing for children four years of age and younger
in the year 2050? For music CDs for teenagers 15-19 years old? For housing
for senior citizens 85 years of age and above? Show the approximate changes
for each age group in each of you countries.
Which country would you expect to have the greatest absolute
increase in demand for clothing for children four years of age and younger
in the year 2050? For music CDs for teenagers 15-19 years old? For housing
for senior citizens 85 years of age and above? Show the approximate changes
for each age group in each of you countries.
| Group 1 |
Group 2 |
Group 3 |
Group 4 |
Group 5 |
Group 6 |
France
Guatemala
South Korea |
Japan
Mexico
Saudi Arabia |
Afghanistan
Germany
India |
Australia
South Africa
United States |
Belgium
Iraq
Poland |
Brazil
Ethiopia
Pakistan |
After completing your projections, exchange your work with another group
and comment on their projections.
McConnell
Website
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ECO 212
Last updated August 19, 2004
Send comments to:
jbremer@oakton.edu