Check my Social Studies Steam engine report...

[halfracedrift]

Hi, i have a 2 page report i want u guys to read if you have time.. comments are welcome, just keep in mind this project was given to us to be due in two weeks (due coming thursday)

 

[Talentless]

"Since products were being produced quicker, more people could afford them. "

You should expand on that in your report. And your writing needs some spicing up. There are my comments. Good luck with your report.

 

[halfracedrift]

Alright
thanks talentless

edit: you think this would explain the verse a little better?

Since products were being produced quicker, more people could afford them. The reason that more people could afford the products was because there was more of that product. As production increases, production cost decreases, therefore, lessening the price for the goods that merchants have to charge.

 

[rjensen11]

Just say stuff like that and use the term "Supply and demand"

 

[Talentless]

Originally posted by halfracedrift
Alright
thanks talentless

edit: you think this would explain the verse a little better?

Since products were being produced quicker, more people could afford them. The reason that more people could afford the products was because there was more of that product. As production increases, production cost decreases, therefore, lessening the price for the goods that merchants have to charge.

Don't quote me, because I may be wrong and am making assumptions on facts. What I think is the case here is that because the cost of production has been lowered and the time efficiency increased, companies are able to produce and sell more of their products at a time for a reduced cost. And if the demand is not sufficient to meet profit expectations or if the products were underpriced, the remaining stock can be sold at an increased priced to attempt to get back in the black. But that works only if there is enough demand.

I'm not an economist, obviously.

I doubt increased speed of production necessarily means a reduced price even with strong demand. I think reduced cost of production and strong demand are as relevant to assessing profitability than how fast a product can be churned out.

 

[halfracedrift]

Yes, that too
but mainly the speed of production has a dramatic effect on the price of the product
If you can crank things out quick and still maintain the quality, that means you have more of the product to sell
When you have more to sell, you make more money
even though the raw supplies are going to be more expensive, companies always buy raw materials in bulk, as a result, the materials they get are cheap, and yet maintain quality
eg: I buy $20 worth of raw materials
the product i create is something that costs say..40$
$20 profit there
however, if i buy in bulk, it will cost me, oh, 200$
if i wanted to maintain that 20$ profit margin, all i have to do is sell 220$ worth of clothes, which means that the price is going to be alot lower..

does any of the above make sense to you?lol

 

[Talentless]

not sure, i stink at math.