Change in Market

You are to find and describe a change that has occurred in a market, and attempt an explanation of this market using Supply and Demand, and perhaps incorporating ideas like technological progress, the development of substitute products, etc. You should find at least one newspaper or magazine article describing your change, and reference this article in your writeup. Some examples and advice:

  1. The wristwatch industry. Questions: what sorts of changes have occurred in this industry in the past twenty years? How does this impact different firms like Casio, or Rolex?
  2. What is happening to the child’s retail Toy market? Why did Toys R’ Us fail, and will other toy retailers go in the same direction?
  3. Don’t forget about older industries: for example, where did people get ice before they had refrigerators? Have you ever heard of the guano industry? One of my favorite subjects are old markets in old New York City – horse manure, rag-picking, etc.
  4. Try doing an internet search for things like “industries that are changing rapidly,” or “markets where prices are going up.”
  5. If you can think of some other interesting economic phenomenon, please feel free to be creative!

The assignment should take about one page of writing to complete. I expect the end result to be free of grammatical and spelling errors.