Michael

In microeconomics, demand and supply is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium for price and quantity, let us discuss this in some details.

Market demand

Demand for a good or service is defined as quantities that people are ready (willing and able) to buy at various prices within some given time period, other factors besides price are held constant.

Market demand is the sum of all the individual demands

Example: demand for pizza

Law of Demand is the inverse relationship between price and the quantity demanded of a good or service, in other words, as the price of a product increases, quantity demanded lowers; likewise, as the price of a product decreases, quantity demanded increases.

Changes in price result in changes in the quantity demanded, this is shown as movement along the demand curve.

Changes in non-price factors like income, future expectations and tastes and preferences result in changes in demand, this is shown as a shift in the demand curve.

Market Supply

Description: C:\Users\Michael\Desktop\supply.pngThe supply of a good or service is defined as quantities that people are ready to sell at various prices within some given time period, other factors besides price held constant.

Changes in price result in changes in the quantity supplied shown as movement along the supply curve

Changes in non-price determinants like costs and technology, future expectations and number of sellers result in changes in supply, shown as a shift in the supply curve.

 

Market equilibrium

Equilibrium price (P1) is the price that equates the quantity demanded with the quantity supplied

Equilibrium quantity (Q1) is the amount that people are willing to buy and sellers are willing to offer at the equilibrium price level

Shortage is a market situation in which the quantity demanded exceeds the quantity supplied, shortage occurs at a price below the equilibrium level

Surplus is a market situation in which the quantity supplied exceeds the quantity demanded, surplus occurs at a price above the equilibrium level

When raising my child, I don’t push him to be the first among his friends, the superior one; I try my best to avoid this because I don’t want him to start comparing himself to others unconsciously. When I want to tell him how special he is for the full marks he got; I don’t ask at all what the others did, I stress on how proud I am with his grades, and how we should always keep it up and be even better in non-school related activities.

This totally applies professionally and personally as well. There are a lot of work situations when sometimes I catch myself wondering; why this person does not treat me like X or Y? Or even on a higher level: Why didn’t our client choose to do the next deal with us in spite of our previous project success story?

Although the questions sound totally logical and there is no real problem about analyzing the strengths and weaknesses of the self/firm; the way we think and feel about the questions matters. If you compared yourself to others and started feeling bad, then you are in the wrong direction. Your head will be in a state of hatred, envy, catching mistakes for the others to prove to yourself that the other is wrong and you are correct.

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But what if you always compare yourself to only yourself? You always assess your weaknesses and work on them, you know your strengths and nurture them, working on them almost daily. Cause “Small daily improvements lead to a tsunami of success” <<Robin Sharma>>. Be sure that the improvements will be so obvious for anybody to ignore it. Your client who chose another company will recognize it, your boss and colleagues will admire it, but you should not seek the admiration in the eyes of others, you should seek it in your own mindset. And here comes the Happiness.


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The tricky part is how to prevent your mind from wandering in the wrong way of comparing against the other. So I found a great article found on Wiki-How that gives some hints about how to stop comparing to others. My advice is not only to stop it, but also to raise the younger generation not to do it as well!

Rasha Abdel Wahab

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Lifestyle is perceived differently by most people, some sees lifestyle as a matter of having habits such as exercising, eating healthy, getting enough rest, these are all things we can relate to, and they definitely have a certain impact on your lifestyle. However, I believe that the right lifestyle is tightly connected with good quality of life as well. In some countries it is easier to have a healthy lifestyle, and that is due to the quality of life, which is already provided by the system in the respective country.

Since I have a bilingual background and have lived in two absolutely different countries, all of my childhood until I was 27 I was living in Denmark and the last 7 years I have been living mostly in Egypt where I am originally from, the huge gap between the two countries have made me think about the differences and why I am able to achieve a decent lifestyle and at the same time have a quality of life which makes me happy.

Due to the fact that I have been raised up in a country with a well-functioning welfare system that values quality of life and lifestyle to an extend that reaches every single citizen in some way, this does not mean that everyone in Denmark is happy and doesn’t have lifestyle problems or that we don’t have e.g. obesity or social problems. Some way or another the Danish system has succeeded in influencing the majority in having some sort of a healthy lifestyle.

Just the fact that you are forced to do everything by yourself due to the high living standards, such as painting your house, clean your car by yourself, tank your car with gasoline, grocery shop, clean up your house, cook your own food etc. all the basic human things which we need to know how to do in order to not rely on anyone else but ourselves. As a girl here in Egypt now it is very uncommon when I tell people that I have been working since I was 13-14 in everything from a bakery to a transport company beside my school.

The big culture shock for me when I moved to Egypt was first of all how much I was relying on the delivery boy to bring my groceries, the guys at the gas station filling my car, the iron boy getting and bringing back my ironed clothes, the people who carries up my groceries when I every now and then miss the experience of grocery shopping.

I came to the conclusion that due to low level of living standards here in Egypt and the major differences in social classes, has created a society that is always relying on the lower social class to handle things for them, somehow, since things are being handled by somebody else, one should think that a lot of Egyptians have a good and relaxed quality of life but on the contrary because in one way or another the people have gotten used to get basic things handled without the major physical effort. A nice lifestyle and a good quality of life has become facts which many people I have met here believes is unachievable, but I believe that it is a matter of priorities and if you really want to have a nice lifestyle and a better quality it’s a matter of that we begin relying on ourselves to achieve this instead of relying on strangers. This is at least what I try to do and so far I am satisfied with my lifestyle and quality of life in Egypt.