Ebay Assignment

While on Ebay looking for an item to bid on i tried to bid low at the beginning or at the very end and keep from constantly bidding during the auction like i did during the auction in class. Waiting for the auction to end i was anxious because i was competing for the item i wanted to the best price. While i was on Ebay i was surprised to see the prices they were selling these items that i would normally buy store bought for a much higher price which i now understand why so many people are addicted to this website. Thankfully for me, i have good will power and know when to stop.

This is very similar to the concepts of capitalism. Customers on Ebay are very literally competing for the item of their choice for the best price, being the market price but in this case the seller is willing to sell it for the highest the consumer is willing to pay, the demand. Then there's opportunity cost, when i lost one of the bids i went on to the next best thing. Scarcity is also another aspect i saw when i was making a purchase on ebay. There was one item that i really wanted but it was not on sale on ebay and there was limited supply on certain items and the limited price is that we as the consumers have a limited amount of money we are willing to spend. Generally, bidding on Ebay is an effective experience in seeing how capitalism is run in our American society.