Jordan, Adrianna, Spencer, and Melanie

1. Supply and Demand Jordan Olson, Adrianna Powell, Spencer Colgan, and Melanie Qualm

2. Prices Gas $2.57 Milk $3.99 Dog Food $25.00

3. Major Producers of Items Gas Conoco, Exxon, Sinclair, Shell, Texaco, Chevron Milk Dairy gold, Lifeline, Western Family, Silk Dog food Purina, Iams, Pedigree, Ol’ Roy, Kibbles n Bits, Beneful

4. Needs or Wants? We’ve decided all of them are wants when you really break it down. Gas ties into transportation, but there are other means such as walking or riding a bike Milk ties into food, but you don’t need milk in your diet in order to survive Dog food ties into providing food for your dog, but they can find other food, and also having a dog is a choice.

5. Needs or Wants cont. Although we decided all the items can be broken down into wants, as far as today’s society goes they’ve become needs. So if you consider the prices of the items it would be during the evaluation step of the economic decision making process.

6. Would we Coninue to buy these Items If We Were in a Recession? Gas It depends on the distance you have to travel. If you had to go to Missoula you would probably buy gas but if you were going some where more local you could ride a bike. But it depends on the person and their budget Milk Most people will continue to buy milk even during a recession, but they might cut back on how much Dog food People will also continue to buy food but they will probably buy cheaper dog food or buy it on sale

7. If the Quantity Doubled What would Happen to the Prices? Prices would probably drop 40-50% Gas people would buy more gas as far as they’d probably go farther distances since it would be cheaper they’d go to Missoula more or travel more. Milk people probably wouldn’t buy more milk just because the price dropped Dog food People would probably also buy the same amount of dog food.

8. If the Quantity was cut in half what would happen to the price? Gas Would go way up People would buy the minimum needed just to get around. Milk Would go way up People would just cut back on how much they were buying. Dog Food The prices would go up. No one would really care, just feed them something else.