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Pages:
2 pages/≈550 words
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Style:
APA
Subject:
Mathematics & Economics
Type:
Case Study
Language:
English (U.S.)
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Topic:

Toothpaste is Toothpaste? Mathematics & Economics Case Study

Case Study Instructions:

In this type of paper, a good introduction should set the stage for the rest of the paper. In the introduction, the main “thesis” or question should be clearly stated. In this particular paper, the question is around the idea that in the market economy consumer choice plays an important role. The example, toothpaste, could have been any number of products since there is “choice” in a Market Economy. The introductory paragraph should tell the reader what the “issue” is and give a little clue on what the elements are that are going to be discussed.
In developing the concepts that are important to consumer choice, a discussion of the command economy versus the market economy makes sense but is not the main thrust of the paper. Here are some of the elements of Consumer Choice and the free market that could be discussed.
1. Scarcity and choice and the impact on behavior
2. Unlimited wants
3. The economizing problem
4. Allocation of resources
5. Freedom of choice
6. Self-interest
7. Competition and the profit motive
8. The concept of specialization
9. The five fundamental questions
10. The forces of demand and supply
Each paragraph should be related and support the thesis stated in the introductory section, leading to a conclusion. The closing paragraphs should summarize what has been stated and reinforce the main theme.

Case Study Sample Content Preview:

Toothpaste is Toothpaste?
Name
Institutional Affiliation
Toothpaste is Toothpaste?
Consumers have to make choices based on a wide variety of products and services. The market has many sellers who compete to attract as many buyers to their products as possible. The range of products produced within an economy may depend on the level of government interference in the market. In a Command economy, the government is hugely involved in the production of goods and services. Due to this, it limits the number of goods and services and sets price restrictions. This kind of system is common in Communist societies such as the former Soviet Union, North Korea, and Cuba. However, this is in stark contrast with a market economy that offers extensive freedom to buyers. Market forces of demand and supply determine the number of goods and services supplied in the market. These forces also set the price range of products. This system is common in capitalistic societies such as the UK and the US (Gregory & Stuart, 2013). Market economy offers freedom of choice that encourages competition and innovation which makes it the optimal system to promote economic growth in modern society.
The following are some of the reasons why there are different products in a market economy compared to a command economy. In a market economy, there is freedom of choice. Businesses are free to produce whatever goods or services they desire. There are minimal restrictions for entering a specific industry. Businesses only have to consider the forces of demand and supply when creating production plans. For example, in the case of producing toothpaste. The government doesn’t restrict the number of firms or promote some form of monopoly (MasterClass, 2020). Instead, the government ensures the firms meet the necessary health and safety standards to get a license.
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