| Live Auction make up |
Capitalism is based off of buying, selling and the free market which it is held in. I think the auction really proved the whole theory of capitalism perfect. Seeing people bid at the auction really showed me how easily it is for sellers to gain lots of profit when the demand for one product is high. Also I learned that the amount of bidders there is a big factor of the auction as well. I noticed that the more people that kept coming into the room made it harder for some people who had low credits win and get what they wanted. I think what saved me from getting nothing was combining credits. I was powerless without the help of my friends who didn’t want their credits. Having so many credits made it easy to wipe out my competition. Scarcity: There were not many similar things in the auction so if you wanted something you had to win it fast because there was a big chance that there was only one of those items. Market price: If I’m correct the market price was high because demand was high. Opportunity cost: With so many credits my group didn’t have to give or sacrifice anything that we wanted because we went into it with a goal and didn’t waste our credits on other things. I wanted the alarm clock and that was before the backpacks (main goal), I did bid on the alarm clock but when I thought it was getting to high I gave up so that we could save our credits for the backpack. Demand: The demand was high and low at different times throughout the auction. It seems to look like that backpacks had a high demand while other things no one bid on. Competition: Competition wasn’t that hard when a lot of people had a low amount of credits. Our biggest competition was when someone with tons of credits wanted the same thing that we did and we didn’t know how much they had so we could have lost at any time.Overall the auction was really fun and I learned a lot about how it connects to capitalism. |
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posted by Lauren at 