Supply_and_Demand_Paper

Supply and Demand Paper The item that I am going to chose is Flat Screen Televisions; the idea of a flat screen television has been around for years. In 1964 Plasma technology was discovered thanks to the growing need by scientists that wanted a computer screen that did not have to refresh all the time. With the invention of this kind of screen they were able to make tons of different styles of televisions with not just flat screens but bigger and wider as well. The popularity of this good blew up, so the demand was very high. Since there were not too many companies make this style of TV the prices were set extremely high which then made it so people almost could not afford to own one. The other companies that were not making the TVs saw the demand for this product and in turn went back to the drawing board to design models that were affordable to the end user. As for a substitute for this product, there was a time that you could buy a Tube style of TV that still had a flat screen to it. This style of TV cost a fraction of the price that a true flat screen would cost. What I mean by a true flat screen is not only is the screen flat buy the TV is flat too, meaning it only sticks out at the furthest point four to five inches instead of one to two feet or sometimes more like the tube style of TV does. These flat tube style TVs were in my opinon just as good as the true flat screen TV, but the problems that I had with the tube style was trying to find a entertainment center to fit it. Since the popularity of the flat screens was booming the entertainment centers were being designed more for that style TV and not for the tube style. Now that more than just a few companies are making these TVs there is more of a supply for it, which means that the prices can now be set lower because more of the products is selling at a faster rate. These TVs use to be sold for anywhere between $800 - $2500 dollars when they first came out, I bought my first flat screen about six maybe seven years ago and pay around $900 for it and now you can get that same TV for about half the price. The reason for this is because that more companies are making these types of TVs, so you are not limited to just the name brand TVs; such as Sony. Some of the TV companies that are on the market know I have never even heard of before. Now that the flat screens are so much easier to afford now it’s not a problem at all to figure out where you are going to put the TV in the room, the reason being is with these newer TVs you don’t have to put them on a TV stand anymore they can literally be hung on the wall and be up and out of the way to make more room in your entertaining areas of your house or business. Since this good has been booming I would believe that the entertainment center business would be booming as all trying to find ways to stay trendy and keep that big flat screen looking good in all over spaces. When it comes to electronics I try to keep in mind now that when a new device that is better than the rest comes out on the market, do not jump right in and buy it the price will drop at some point. Look at the Cell phone business every time you think you have the best phone with the best technology on it, some other company comes out with one that is better than yours. That is why its call technology there is always to improve it and when it gets improved the older models even though are older they still work just as well but cost a fraction of the newer prices.