Economics

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Part 1
As humans we often tend to have an insatiable appetite for various products, some of which may be exorbitantly priced. However due to the fact that we may have limited resources financially , we as consumers are now faced with the choice of what to purchase and how much to purchase so that we may satisfy our appetite whilst still remaining well within our allocated budget. This scenario is basically the concept of economics’ placed into practice in one’s everyday life. To the average consumer purchasing products or goods that are relatively close to the product’s expiration date may seem risky, hazardous, life threatening to one’s health or to the more skeptical individual a death wish. The truth is most products actually extends for a week beyond its deemed shelf life by the producer and is indeed still consumable. The only probable exception will be that of the vast majority of dairy products. Given the fact that the products are indeed still fit for human consumption despite minor changes in its guaranteed quality within its shelf life as printed by the manufacturers, from an economical perspective the practice of purchasing those such goods may have its many advantages that may prove to be quite beneficial to both suppliers and consumers. Bearing in mind that the product will soon expire and the majority of consumers will steer away from purchasing the product, the business owner will now be forced to change the price strategy for the sale of the product to continue. The consumer will now benefit as the prices of the product will now be considerably low and may be even placed on offers to ensure that the product is sold as quickly as possible. The average consumer may now have the opportunity to purchase a high end product generally exorbitantly priced and usually geared towards a high classed market at a reasonable and affordable cost. The supply of the remaining near to expired product will be readily available as the market demand for such a...
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