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The Market Education - Assignment Example

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A market can be described as a place, which provides an opportunity to purchasers and sellers to engage. This paper focuses on museums, in the context of a market, and explores how museums and museum visits satisfy the various aspects of a market economy and economics…
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The Market Education

Download file to see previous pages... This essay stresses that the market plays a major role in ensuring that the force of demand is equivalent to that of supply. In the case of museums, museum visits represent demand, while the number of available museums and museum services represent the supply. In a market, there is the aspect of price mechanism, which involves an interaction between the buyers and sellers, in order to determine the market price. Nonetheless, the market price is determined by the supply and demand in the market. Therefore, when prices rise, the demand falls, and when the prices fall, the demand rises. On the other hand, the market equilibrium price is achieved when there is a balance between the force of supply and that of demand. In this case, there results a balance in production and consumption of goods and services. Prices in a market economy can act as an incentive to entice buyers to purchase more goods.
This report makes a conclusion that a demographic demand pattern for museum visits mainly depends on various aspects. First, the type of museum determines the type of visitors visiting it. The season also influences the nature of visits and types of visitors. For instance, Art museums might have many visitors, who are older, while science centers might receive visits from younger visitors. Furthermore, like art museums, historic sites and history museums might have older visitors. On the other hand, children museums are known to have the youngest visitors, as compared to art museums, history museums, and science centers....
Nonetheless, the entry fee to museums might be determined, depending on the level of demand. Therefore, at peak periods, when there are many tourists and domestic visitors, museums will increase their entry fees. 3. Museum Visits and Demographic Demand Pattern A demographic demand pattern for museum visits mainly depends on various aspects. First, the type of museum determines the type of visitors visiting it. Additionally, the season also influences the nature of visits and types of visitors. For instance, Art museums might have many visitors, who are older, while science centers might receive visits from younger visitors. Furthermore, like art museums, historic sites and history museums might have older visitors. On the other hand, children museums are known to have the youngest visitors, as compared to art museums, history museums, and science centers (Museum Audience Insight Web). 4. Shifts in Demand and Supply in Museum Visits Demand and supply with regard to museums is influenced by different factors. First, the national economy influences both the demand and supply of museum visits. During periods of recession, the amount of museum visits will decrease considerably (American Alliance of Museums Web). This is because, the purchasing power of consumers decrease, thus their spending on leisure and culture also decreases. The second aspect is that of entry or admission fee to museums. When the entry fee is increased, the demand will go down, but when the entry fee is lowered, the demand will increase, thus more museum visits. It can also be argued that the interest of people in their culture influences the demand in this market. The more interested people ...Download file to see next pagesRead More
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