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The Market Education - Assignment Example

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Author : linwoodbreitenb

Summary

A market can be described as a place, which provides an opportunity to purchasers and sellers to engage. This paper focuses on museums, in the context of a market, and explores how museums and museum visits satisfy the various aspects of a market economy and economics…

Extract of sample
The Market Education

This essay stresses that the market plays a major role in ensuring that the force of demand is equivalent to that of supply. In the case of museums, museum visits represent demand, while the number of available museums and museum services represent the supply. In a market, there is the aspect of price mechanism, which involves an interaction between the buyers and sellers, in order to determine the market price. Nonetheless, the market price is determined by the supply and demand in the market. Therefore, when prices rise, the demand falls, and when the prices fall, the demand rises. On the other hand, the market equilibrium price is achieved when there is a balance between the force of supply and that of demand. In this case, there results a balance in production and consumption of goods and services. Prices in a market economy can act as an incentive to entice buyers to purchase more goods.
This report makes a conclusion that a demographic demand pattern for museum visits mainly depends on various aspects. First, the type of museum determines the type of visitors visiting it. The season also influences the nature of visits and types of visitors. For instance, Art museums might have many visitors, who are older, while science centers might receive visits from younger visitors. Furthermore, like art museums, historic sites and history museums might have older visitors. On the other hand, children museums are known to have the youngest visitors, as compared to art museums, history museums, and science centers. ...
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