Economics Educator | Sorbonne Graduate | Bridging Theory & Practice through Global Experience

The Tutor and Student reviewed the economic principles of competition and monopoly, discussing how competition benefits consumers through increased choice and quality. The Student then developed a business plan for their own cookie venture, "Filios Cookies," focusing on quality and customer appeal. The session concluded with a review of key economic terms and a discussion on competitive strategies.

The Tutor and Student reviewed fundamental economic concepts related to competition, including market dynamics, buyer-seller roles, and competitive strategies. They analyzed consumer decision-making factors and explored how competition benefits customers through improved quality, prices, and choices. The session also touched upon the implications of monopolies versus competitive markets, with plans to further discuss these advanced topics in future sessions.

The class focused on the economic concepts of markets and competition. The tutor defined a market and explained why businesses compete for customers. They practiced identifying competitors and applying economic terms like quality and service to examples, with plans to continue exploring market dynamics.

The Tutor and Student reviewed how prices change by connecting supply and demand principles. They discussed various factors influencing demand, such as seasonal changes and fashion, and analyzed the relationship between high/low supply and demand on price fluctuations. The session concluded with a discussion on strategic pricing and discounts from a shop owner's perspective, with homework assigned to identify products based on demand and supply dynamics.

The Student and Tutor continued their exploration of economics, focusing on the concept of supply and its interaction with demand. They analyzed a scenario of empty supermarket shelves to understand factors affecting supply and demand, defining several key economic terms. The Student was encouraged to continue with existing homework, and the next session will delve deeper into the relationship between demand, supply, and prices.

The Student and Tutor reviewed previous economics topics including money, banking, and savings, before delving into the current adventure on "Why Prices Change." They discussed the relationship between demand, supply, and prices, explored the concepts of price stickiness and production costs, and analyzed real-world examples of price fluctuations. The Student was assigned a follow-up activity to observe and explain price differences between two items based on production costs.