Economics Comic Strip Part 1
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- Libisema: 1
- Wow honey! That’s so cool, seashells are in abundance here!
- Why does nobody want to buy my seashells?
- Mom, I found a seashell!
- Libisema: 2
- Hey Sam! How much are your seashells for?
- Just a dollar each!
- Sam's Seashell Sale!$1.00 only each!
- Libisema: 3
- Seems like a bustling day at the beach...
- Libisema: 4
- Buy Neev's Seashells. The best of the best
- Seashells are so easily available to everyone here. And theres so much competition aswell...
- Libisema: 5
- WHY WILL ANYONE BUY MY SEASHELLS WHEN THEY'RE SO EASIY AVALIBLE TO EVERYONE?!
- Libisema: 6
- Buy Neev's Seashells. The best of the best
- I've got an idea!! I'll make them unique! So unique that they're rarer than diamonds.
- Libisema: 7
- Buy Neev's Seashells. The best of the best
- Wow, I've been working all day and I'm so tired, but I know this will pay off. It's simple economics! If I make the product scarce, the price will skyrocket. This will be a monopoly for me which means that I can control the price and exploit buyers.
- Libisema: 8
- Buy Neev's Seashells. The best of the best
- Yes!! My plan worked! It's simple economics. If there is a shortage of a good, the price will increase. The benefit of a monopoly is that you can exploit buyers and they have no choice but to pay that price! That's why I increased my price to $10!!
- Libisema: 9
- Buy Neev's Seashells. The best of the best
- It's all about economics! Let me explain...
- Hey, excuse me Mr Gupta. How did you manage to become so successful?
- Stonks!
- Libisema: 10
- You see, when supply exceeds demand, prices plummet. But by controlling the supply, I created scarcity, driving up demand.
- Libisema: 11
- Buy Neev's Seashells. The best of the best. Now selling at $10
- This is the principle of monopoly. When a single seller dominates the market, dictating prices and quantity. There are 2 main types of monopolies, natural and regular. Natural is when there is no space for another seller or the market simply cannot support 2 sellers. A regular monopoly takes place when the dominating seller eliminates the competition, just like I did! (Let's find someplace more private.)
- Libisema: 12
- Buy Neev's Seashells. The best of the best. Now selling at $10.
- By monopolizing the seashell market, I was able to set higher prices, increasing my profits. Since you know how a regular monopoly works, let me explain how a natural works in depth. Let's say that you're selling a product for a very specific target audience where demand is already very low. If another producer enters the market, the demand will be split and it'll be a loss-loss since you will not have enough to break even with your variable cost. One of you will have to exit the market in order to thrive. This is called a natural monopoly
- Libisema: 13
- Buy Neev's Seashells. The best of the best. Now selling at $10.
- Fascinating! So, what other economic concepts were at play here?
- Well, there are the four factors of production: land, labor, capital, and entrepreneurship.
- Libisema: 14
- Buy Neev's Seashells. The best of the best. Now selling at $10.
- Fascinating! So, what other economic concepts were at play here?
- Well, there are the four factors of production: land, labor, capital, and entrepreneurship.
- Libisema: 15
- I utilized the natural resource of the beach (land), my own effort in collecting seashells (labor), the mollusks effort of forming the seashell and my effort of collecting is technically applicable here too since thats all the tools and building it requires (capital) and my entrepreneurial skills to establish and manage the business.
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