Wednesday, January 8th

Today in class we learned about the economics of one unit of sale. This includes different kinds of businesses, such as; retail, service, wholesale, and a combination of retail and service. Learning about the economics of a unit of sale, we are able to determine whether a business is profitable or not. If the cost of making the good exceeds the price you are receiving for the good then your business is not profitable. This is also the same for service businesses, except that you have to determine the cost of labor. 

At the end of class we watched an episode of Shark Tank. The first pitch was for magnetic christmas lights to hang outside your home. I didn't like this idea primarily because it costs about four times as much as normal christmas lights. Also the fact that the light might not even work for your home because it is not magnetic to aluminum. So you could pay $70 for lights that don't even work.  The last pitch was a Jewish star christmas tree topper. I felt like this product just didn't have a big enough market in order to be successful.