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 Posted: Fri Mar 12, 2010 2:57 pm
This is the related discussion thread for the Gaian Economics 101: Supply and Demand guide. Please read the entire guide thread (c'mon, it's not THAT long) before posting questions or comments. Thanks!
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Posted: Fri Mar 12, 2010 3:04 pm
That's a great guide you've written! I'm positive it will clear up a lot of misconceptions people have and give them incentive to do a bit of personal research on their own investments.
I hope that Gaians interested in becoming better investors take the time to read this.
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Posted: Fri Mar 12, 2010 4:43 pm
supply and demand curve graphs. MUST ADD.
i'm liking that we finally have some Eco 101 here. Even though it's a butchered and simplified explanation ( mad ) it's still a good place to redirect the newbs to.
proofreading welcomed?
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Posted: Fri Mar 12, 2010 5:40 pm
Could we also add that there is a difference between 'hoarding' and 'investing' in items? xp I've seen many many many people saying they 'hoarded' 2-3 of an item and that's definitely not the right term.
Not too important, more of a nitpick >.<
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Posted: Fri Mar 12, 2010 5:55 pm
Microwaveable Burrito Could we also add that there is a difference between 'hoarding' and 'investing' in items? xp I've seen many many many people saying they 'hoarded' 2-3 of an item and that's definitely not the right term. Not too important, more of a nitpick >.< I consider hoarding when you have maybe at least 10 of an item.
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Posted: Fri Mar 12, 2010 6:15 pm
I don't know why you need to differentiate between hoarding and investing here—it doesn't exactly make a difference when explaining the basics of supply and demand.
Also, so long as you are securing at least ONE item for the future, you are hoarding it. If you are securing that item for investment purposes, it would be an investment hoard.
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Posted: Fri Mar 12, 2010 6:17 pm
@Not That Awesome: I deliberately left out the Supply and Demand graphs in the interest of keeping this at the 10,000 foot level. I know that it's extremely simplified - it's aimed at the folks who, by the questions they've asked here, have shown they really don't have a basic grasp of the concepts. If you've taken any actual economics courses you're already way beyond the scope of the guide (and probably don't need it anyway!). It kills me to have had to leave out a lot of qualifying statements and exceptions, but I know the longer and more involved it got, the less likely it would get read. Proofreading welcome - I did have it looked over for basic grammar and of course I ran spellcheck, but we all know that typos show up in the finished product that weren't there in the draft wink Feel free to PM if you like, especially if you know some simplified graphs that are in the public domain that might not need a page of explanation smile . @Burrito: This begs a larger question, and that is: what constitutes "hoarding" on Gaia? Merriam-Webster online defines a hoard as "a supply or fund stored up and often hidden away". In the vernacular, we often think of a hoard as a great supply, but on Gaia, it seems to be used to refer to any amount of items that you have bought and put away for sale at some later time, no matter how many there are. (Although I agree with you, that hoarding 2 of an item sounds kind of silly to me.) There are other guides in the works, including detailed guides on hoarding and investing, and I believe that defining the differences (if there are any) may be better tackled there.
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Posted: Fri Mar 12, 2010 6:57 pm
I think it's a good, simplified guide for people who don't really know how supply & demand works on Gaia.
I'm excited for more guides to be made. Even if I know about the subject being explained, I like reading them because I like knowing all information possible before making decisions on something.
xp
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Posted: Fri Mar 12, 2010 7:02 pm
A few edits i would make ninja
purplewiz The bigger the Supply, the lower the price The more limited the Supply, the higher the price The bigger the Demand, the higher the price The more limited the Demand, the lower the price Maybe use more antonymous terms e.g. higher/lower, greater/lesser to make the contrast more apparent?
purplewiz - Periodically Limited, like RIG items and Cash Shop items. These items are freely available during certain times; unlike store items, they may be removed from the Cash Shop or not be in the current RIG so the supply may be temporarily capped. However, there is a very good chance that these will be available again. wuts a RIG item? ¯(°·o)/¯ i think you should be a little more clear on whether you mean the RIG itself or the items from it, especially since it's something A LOT of people seem to be confused about.
purplewiz The supply of limited items actually goes down over time, as players are banned or leave Gaia. The items become trapped in these players' inventories and are no longer available to be sold, so they are essentially removed from the economic system. What about people who keep these items for personal use? best example = Angelic Halo. The quantity/supply is pretty much at zero, but not because they're all stuck on banned accounts.
purplewiz Demand varies with the price of an item – at 300 gold each, a lot of people would be buying Angelic Halos. At 300M+, not so many. You're trying to explain demand to an uneducated user; using the word demand over and over just confuses them more. :P I think you should word it more like the above.
Post 4—incorporating more of the terms and jargon introduced in the first three posts into that hypothetical example can help people understand those terms in context = good teaching.
And finally, use some [b][/b] tags on key terms so that readers don't have to read through everything 9001 times to retain those key points.
so I'm pretty much raging over making it a bit easier to undersrtand for the uneducated masses. assuming they know absolutely nothing is always a good start.
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Posted: Fri Mar 12, 2010 7:07 pm
It covers the basics well enough. o 3o I guess the advanced stuff can go to a separate guide, or you could pull the post deletion thing and shove it all on page 2 and beyond.
Or you can have people contributing the occasional article to add on to 101 in here. e.g. Elasticity of DD - why knock-off items make oldbies upset, or Game Theory (normal form) - undercutting, and then if the article is sound enough you can chuck it on said "page 2 and beyond".
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Posted: Fri Mar 12, 2010 7:37 pm
After reading over the comments and suggestions so far, what I'm really seeing as being absolutely necessary is an introduction as to who's the audience for this and what it is intended to cover.
This is NOT (absolutely positively NOT) supposed to be a substitute for an economics course or three. Or even a read through of "Economics for Dummies". This is supposed to be the very basics of the concepts as they apply to Gaia and not exhaustively nor comprehensively cover every exception, case, or example.
I do think some of the clarifications pointed out will make it more useful, but I also think some may make it bog down and less readable. It's a difficult balance.
(And it's not worth raging, it's just a bunch of words on a screen that will probably be a continual work in progress wink )
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Posted: Fri Mar 12, 2010 9:11 pm
A good enough explanation of the basics, which seems to be needed a lot in this guild. It's better than I could do, at least.
I think it's a little disappointing that a lot of people in this guild haven't had any basic Economics classes. gonk What are you kids being taught these days?!
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Posted: Fri Mar 12, 2010 11:12 pm
Shima Shinji I think it's a little disappointing that a lot of people in this guild haven't had any basic Economics classes. gonk What are you kids being taught these days?! tbh i knew s**t-all about economics until I started uni. ;__;
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