Economics Homework Help

The Invisible Hand: Changing Markets 172172 unread replies.172172 replies. Describe a business that used to operate locally when you were young, but no longer operates/exists today. Additionally, provide an example of a business that operates locally today, that did not operate/exist when you were young.  Be specific in describing the nature of the business that no longer operates, and the customers they used to serve. What happened in the market that caused the demand for their product to decrease? Is there a newer and better substitute product that contributed to the decrease in demand? Provide a counter-example of a business that does operate today that did not operate/exist when you were young. It is possible that the new business replaced the old business, but that does not have to be the case.

reply to my classmates‘ writings

A business that no longer operates is Nokia phone company. They used to sell their phones and other products at a very reasonable price so many consumers have a chance to purchase it. People all around the world used to buy Nokia’s since they were very reliable, almost never break and have a very long lasting battery-life. The reason why Nokia fell is, smartphones started becoming a thing and higher technology companies started increasing their sales and became in more demand. An example of new companies that did not operate when I was younger are Google Pixel and One Plus. Google Pixel and One Plus somewhat replaced Nokia and are in higher demand today because they provide consumers higher technology phones and more features that are up to date with today’s world that Nokia does not provide at a much lower price than other major companies such as Apple and Samsung.

A local business that operated locally was bills burgers. They made burgers, and were well liked within the community. What made them unique was that their prices were good and that their food was tasty, also the selection of food was very familiar to what people are used to. They served many locals, and were very popular. When Covid 19 hit, they went out of business due to not many people going out, especially to eat in restaurants. There was also a chipotle and a McDonald’s that opened right next to it, so that also helped drive out bills burgers. A business that operates today that did not when I was younger is a coffee shop that just opened up, there are a lot of boba drinks in the area, but not as many coffee dedicated shops. It might have helped with driving them out too because they offered an assortment of sandwiches and beverages.