Red Velvet Revolution: The Rise of the Cupcake Entrepreneur
Got a sweet tooth? You’re in luck. These days, cupcakes are playing a starring role at pastry shops across the country – from teen-owned business City Cupcakes, to Zoe's Place, a nonprofit organization that provides services and support to teen mothers or mothers to be. Oh, and don’t forget the excitement of The Food Network’s "Cupcake Wars", delicious and dripping with drama. These sweet treats have become more than just a passing fad.…Read More
by Rachel Kipp
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For Lauren Ball, cupcakes bring to mind childhood memories of trips to the bakery and birthday parties topped off with frosted treats big enough to pack a punch for any sweet tooth — but small enough that she didn’t have to share with anyone else.
But the 17-year-old from Escondido, Calif., also knows that cupcakes represent a lot of hard work. A year ago, Ball and friend Sawyer Epp, also 17, started their own business baking and selling cupcakes for special orders and at local farmers markets. Thousands of chocolate, vanilla and red velvet cakes later, Ball advises any aspiring baker to “take the amount of work you think it’s going to be and double that — or triple that.”
When they started out, it took the teens about seven hours to make 100 cupcakes. With experience and the discovery of some time-saving tricks (such as measuring out the ingredients at home before heading to their rented baking space) they could churn out 300 or 400 cakes in about four hours. Ball and Epp had to get all the permits and licenses required of food vendors in their area. They tested different brands of cocoa and vanilla to determine which brands made the cupcakes taste best. “That’s what it really takes to be successful,” says Ball. “Anything worth doing is going to be hard.”
These days, cupcakes are playing a starring role at pastry shops across the country, and Ball and Epp’s City Cupcakes is just one of the businesses feeding the craze. Cupcakeries run the gamut from stores offering treats in classic flavors, like chocolate and vanilla, to those peddling more exotic tastes, including margarita and sweet potato (both of which have been on the menu at SAS Cupcakes, which has locations in Delaware and North Carolina.) Bakers are selling their cupcakes via blogs, Facebook and Twitter, and from traveling food trucks.
Some entrepreneurs are combining cupcakes with a cause. At City Girl Cupcake in Providence, R.I., any profits that don’t go back into the business are donated to local and national charities. Extra cupcakes — all of which are organic, nut-free and baked with locally sourced ingredients — are donated to the local Ronald McDonald House. Founders Catherine Corrente, 16, and Isabella Veader, 15, go to a school where community service is emphasized “and we both wanted to bring that into what we did when we sold,” Corrente says. “We’re both extremely fortunate, so we wanted to give back.”
In Teaneck, N.J., all of the profits from the cookies and cupcakes sold at Zoe’s Cupcake Cafe go to Zoe’s Place, a nonprofitorganization that provides services and support to teen mothers or mothers to be. Clients of Zoe’s Place also work at the cafe, operating the cash registers and helping a professional pastry chef with the baking. “I think the colors are what attract everybody — all the different frosting colors and sprinkles and decorations,” says Christian Mims, 17, who works at Zoe’s. “Then you taste one and you want to keep going back.”
Cupcakes are even at the center of their own show on the Food Network. To win Cupcake Wars, bakers battle a ticking time clock to earn top scores from a panel of judges for taste, style and presentation. “I’d rather have dessert than dinner,” says Jasmine Frank, who competed for a chance to cater a vintage fashion event on an episode that aired last summer. The 19-year-old Woodland Hills, Calif., resident bakes cakes, cupcakes, cookies and cheesecakes to order through her online business, Jazzy Cakes. “When I started looking at culinary schools, people thought I was crazy. I had a 4.0 my whole high school career and people asked, ‘Why aren’t you getting a full ride to a university?’ but somehow I had a vision … that this was what I was meant to do.”
Made With Love — and Business Savvy
Many foodies trace the cupcake trend to a 2000 episode of Sex and the City where Carrie and Co. made a pilgrimage to Magnolia Bakery in New York City. Since then, however, the sweet treats have become more than just a passing fad, says Rick Bittner, executive director of the Retail Bakers of America in McLean, Va. When Bittner owned a bakery 15 years ago, he sold many full-sized cakes but very few cupcakes. Since then, however, consumers’ interest has shifted toward smaller, more inexpensive treats that can be eaten on the go. “[Cupcakes] are a trend, but there are trends that become staples,” he says.
With so many cupcake businesses popping up in both large cities and small towns, aspiring entrepreneurs need to carefully research potential markets, rely on mentors for both business and baking tips, and get creative when it comes to marketing and advertising, Bittner suggests. “The people who are successful create something more than just a product in a display case. Going to their stores becomes an experience.”
We hear this so often: “Anything worth doing is going to be hard.” What does that expression really mean? What does it say about ambition and work ethic?
In thinking about this article through an Economics lens, consider the following questions: (1) What are the scarce resources involved in running a cupcake store? (2) How does scarcity affect customers? (3) How does it affect the store owner?
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(1) What are the scarce resources involved in running a cupcake store?
-Ingredients for cake making
-Amount of cake makers
-Money for starting the new business
-The total amount of cupcakes the store can make in a day
(2) How does scarcity affect customers?
– Some customers couldn’t get products they want in the store, if the amount of cupcakes the store made in one day is limited.
-Because of the scarcity, the price of cupcakes can be higher.
(3) How does it affect the store owner?
-Their store can be more profitable. They can raise the price of their products because of the scarcity.
-Their jobs will be easier. The amount of products in one day is limited, means the owner does not need to produce many products in a day.
1) What are the scarce resources involved in running a cupcake store?
– Labor
– Machinery
– Time
– Flour, Frosting, Resources
2) How does scarcity affect customers?
Increased scarcity can lead to heightened price levels, leading customers to have less benefits than before.
3) Scarcity can lead to the store owner placing higher prices on the cupcakes; Since materials are more scarce, the final product needs to be more expensive to make up for the extra difficulty.
(1) What are the scarce resources involved in running a cupcake store?
– Seasonal flavor
– Different season may have different menu
– Supplies
– The amount of workers making cupcakes
– The amount of food to make enough cupcake
– Money
– Having enough money to buy enough supplies or hire enough workers
– Best before date
– Cupcake can only stay about two to three days which most customers would like fresh food
(2) How does scarcity affect customers?
– Customers may get cakes that are made days before where it is unhealthy
– Customers can chose to buy cupcakes in other shops as there are a lot of substitutions
– Customers would not be able to buy cupcake if it is sold out as they are limited in the amount of cupcakes that can be made within a day
(3) How does it affect the store owner?
– Store owners would have to think of new types of cupcake every season
– Need enough capital to start the business and working capital to operates the business
– May have low reputation as they are an entrepreneur that just started making cupcakes
– Need to be able to keep fresh food and grow reputation
What are the scarce resources involved in running a cupcake store?
-seasonal flavor
-supplies
-workers
How does scarcity affect customers?
-customers might get old cupcake
-might get weirdly shaped cupcakes
How does it affect the store owner?
-less customers
-less money
What are Scarce Resources Involved in Running A Cupcake Store?
– Ingredients bought from stores
– Packaging
– Decorations
– Investment money
– Workers
– Advertising cost
– Best before date
How Does Scarcity Affect Customers?
-The shop might run out of stock for the cupcake customers want
– The cupcakes may be made from low quality ingredients if the investment money isn’t much
– Customers might get a spoiled cupcake (out of date)
– The cupcakes may not be as aesthetically pleasing if the decorations are bland
How Does Scarcity Affect the Store Owner?
– If the cupcakes aren’t aesthetically pleasing then the customer might not advertise it for the store which means the store will be less popular
– If the cupcakes don’t taste good then they won’t make as much money
– If the cupcakes are out of date and the customers report it then they could get sued
What are the scarce resources involved in running a cupcake store?
– seasonal flavor
– supplies
– amount of workers
– best before date
– advertising cost
How does scarcity affect customers?
– Customers get a spoiled/out of date cupcake
– customers wouldn’t be able to buy a cupcake if the store is limited in the amount of cupcakes that can be made
How does it affect the store owner?
– Need capital to start and maintain the business
– If the cupcakes don’t taste good, the store will be unpopular amongst customers
(1) What are the scarce resources involved in running a cupcake store?
-Number of employees involved.
-Funding to get the cupcake business started.
-Ingredients to produce the cupcakes.
(2) How does scarcity affect customers?
-Cupcakes they can buy at one event.
-Time they have to wait to receive their order.
How many customers may be attended to at one time.
(3) How does it affect the store owner?
-Money the store owner has to put into different categories and needs such as supplies, employees, and advertisement.
What are the scarce resources involved in running a cupcake store?
– Foods and Flavors avalible
– Money/ Budget
– Time Crunch
– Shortage of employees
– How long a cupcake can sit on a shelf before going bad
– Amount of packaging and decorations left
How does scarcity affect customers?
– Customers may choose to support other shops
– Customers may not be able to purchase a cupcake of their choice if it is limited and sold out for the day
– Cupcakes may not taste the best if the quality of the ingredients are poor
How does it affect the store owner?
– May not be able to produce enough income to keep the shop open
– Scarcity of resources can cause price inflation of other products, which can be too expensive
– The shop may not be able to have enough fresh products
– The business may not be able to expand and grow their name
what are the scarce resources involved in running a cupcake store?
1,food
2,flavor
3employees
4,packaging
5decorations
how does scarcity affect customers?
1,the price of the object will be hihger ,then the cost of buying will be hihg
2,the unlimited want of customer may not be satisfied in one day
how doesit affectthe store owner?
1,there would be not enough profit the owner can get to growth or survival
2,the price will be higher than others
what are the scarce resources involved in running a cupcake store?
1) packaging
How does it affect the store owner?
They would have a harder time making as much profit
2) employees
3) food
4) flavor
how does scarcity affect customers?
The original price of the item will be more expensive so it will make it more expensive for the customers when they are buying it.
Sorry the order got mixed up, down below is it corrected
what are the scarce resources involved in running a cupcake store?
1) packaging
2) employees
3) food
4) flavor
How does it affect the store owner?
They would have a harder time making as much profit
how does scarcity affect customers?
The original price of the item will be more expensive so it will make it more expensive for the customers when they are buying it.
Scarce Resources:
-food
-packaging
-employees
-decorations
Effect on store owner:
-making profit would be more difficult
Effect on customers:
-the price of food would be more expensive and therefore harder to afford
Scarce Resources:
-food
-packaging
-employees
-decorations
Effect on store owner:
-making profit would be more difficult
Effect on customers:
-the price of food would be more expensive and therefore harder to afford
What are the scarce resources involved in running a cupcake store?
Food/flavors
Employees
packaging
How does scarcity affect customers?
Since the items become more scarce this causes a rise in price making it harder for customers to afford.
How does it affect the store owner?
The store owner will either have to keep prices low a minimize profit margins or lose customers while raising prices.
The scarce resources involved in running a cupcake shop are:
Flavors
employees
decorations
How do Scarcity affects customers?
the food would be more expensive leading to a declining number of clients
How does scarcity impacts the store owner?
making money would become harder
What are the scarce resources involved in running a cupcake store?
– Ingredients
-Packaging
-Employees
-Embelishments
How does scarcity affect customers?
– Customers may get old and stale cupcakes
– Customers receive lower quality cupcake
– Customers receive less aesthetic cupcakes
How does it affect the store owner?
– Customers may be dissatisfied with the quality of cupcakes, affecting business
– The owner may have to compromise on ingredients
1) The scarce resources are employees, food, decorations, and packaging material.
2) Customers will only be able to by a certain quantity of cupcakes, and their flavor options will be limited. The cupcakes they purchase may also be unhealthy.
3) The producer will only be able to produce a limited amount of cupcakes in a limited variety of flavors due to their lack of reputation and scarcity of materials.
1. What are the scarce resources involved in running a cupcake store?
-workers
-time
-money
-supply (seasonal flavors)
2. How does scarcity affect customers?
-multiple options
-lower quality cupcake over a prettier one
3. How does it affect the store owner?
-keep up with seasonal flavors
– limited on amount they can produce
1. What are the scarce resources involved involved in running a cupcake store?
– Time
– workers
– ingredients
– supply
2. How does scarcity affect customers?
– The cupcake could be more expensive for the customer.
– quality/ quantity.
3. How does this affect the store owner ?
– limited amount of cupcakes they can produce.
– scarcity can cause price inflation.
What are the scarce resources involved in running a cupcake store?
1. Labour – number of employees employed + hours they can work
2. Land – location of shop – price of land
3. Capital – money to pay for; ingredients, staff, utilities and rent
4. Technology – with machinery time spent making cupcakes is decreased
How does scarcity affect customers?
1. If a good becomes scare this means a shift inwards of supply S1 to S2 (decreased supply) -> lower supply (S2) + constant demand (D1) = raise in price (P1 to P2) -> increase of price decreases consumer surplus -> in turn decreasing consumer welfare.
How does it affect the store owner?
1. with changes from S1 to S2 and consumer surplus and consumer welfare decreasing the producer welfare and producer surplus will increase leading to greater inequality.
The scarce resources involved in running a cupcake store are:
1. Labour – number of employees employed + hours they can work
2. Land – location of shop – price of land
3. Capital – money to pay for; ingredients, staff, utilities and rent
4. Technology – with machinery time spent making cupcakes is decreased
What is scarcity’s affect on customers?
1. If a good becomes scare this means a shift inwards of supply S1 to S2 (decreased supply) -> lower supply (S2) + constant demand (D1) = raise in price (P1 to P2) -> increase of price decreases consumer surplus -> in turn decreasing consumer welfare.
How does Scarcity affect the store owner?
1. with changes from S1 to S2 and consumer surplus and consumer welfare decreasing the producer welfare and producer surplus will increase leading to greater inequality.
2. Furthermore, scarcity will increase the cost of production for each unit -> increased costs on the producer
What are the scarce resources involved in running a cupcake store?
• Time
• Supply, ingredients
• Workers
• Place to prepare
• Capital money
• Design ideas
How does scarcity affect customers?
• Price could be higher
• Quality of cupcake could be lower
How does it affect the store owner?
• Owner ended up producing less cupcake
• Earning/making less money
What are the scarce resources involved in running a cupcake store?
• Time
• Supply, ingredients
• Workers
• Place to prepare
• Capital money
• Design ideas
How does scarcity affect customers?
• Price could be higher
• Quality of cupcake could be lower
How does it affect the store owner?
• Owner ended up producing less cupcake
• Earning/making less money
Cupcake ingredients, a space to sell the cupcakes, employees, flavor, packaging, decorations, the price of ingredients.
The size of the product and the price of the product
The price, profit, and the want of the product. The growth of the cupcake store
What are the scarce resources involved in running a cupcake store?
– ingredients
– Time/commitment and hard work
– resources
– supplies
– employees
– kitchen to bake/ work
How does scarcity affect customers?
quality of the cupcake is over charged
price could be to high
How this affects the store owner:
– Losing money
not selling as much cupcakes
What are the Scarce resources involved in running a cupcake store?
– Supplies
– Time to bake
– Ingredients
– Location
– Price of product
– Design and advertisement of Cupcake
How does this Scarcity affect customers?
– Price is higher than it should be given the quality of the cupcake
– Difficulty in making cupcakes cheap but also fresh and appealing
(1) What are the scarce resources involved in running a cupcake store?
-supplies
-time
-employees
-equipment
(2) How does scarcity affect customers?
The quality of the products could go down to produce more, and less cupcakes would be produced at higher quality.
(3) How does it affect the store owner?
They would make less money if they produced less cupcakes at higher quality, and would have less returning customers if they produced more cupcakes at less quality. A difficult choice would have to be made.
(1) What are the scarce resources involved in running a cupcake store?
Time for making cakes
Money for hiring workers,buying raw material and eqipment
lack of an area of bakery
(2) How does scarcity affect customers?
They cannot buy enough cakes when cakes are sold out
They do not like low-quality cakes
They cannot buy and eat cakes at any locations
(3) How does it affect the store owner?
They cannot make so many cakes to sell to customers
They may not have sufficient raw material to produce cakes
They will produce law-quality products if they don’t have enough time
1.) Scarce resources are ingredients, baking instruments, time, workers
2.) It affects customers because sometimes the product might not always be the best tasting due to the lack of ingredients. Also there is not unlimited cupcakes.
3.)The store owner can only make so many cupcakes. They have to find the right balance between how much flavor and ingredients used.
What are the scarce resources involved in running a cupcake store?
-The seasonal flavors
-There is no label with the “best before” date
-Employees
How does scarcity affect customers?
-They can buy expired cupcakes.
-The cupcakes can be more expensive.
How does it affect the store owner?
-The owner would make less money.
– The owner will sell less cupcakes.
What are the scarce resources involved in running a cupcake store?
-The seasonal flavors
-There is no label with the “best before” date
-Employees
How does scarcity affect customers?
-They can buy expired cupcakes.
-The cupcakes can be more expensive.
How does it affect the store owner?
-The owner would make less money.
– The owner will sell less cupcakes.
What are the scarce resources involved in running a cupcake store?
-Time
– Amount of ingredients
– Amount of employees
– Amount of money they have
How does it affect customers ?
– The cupcakes could be more expensive
– There could be less cupcakes to buy
– The cupcakes could be less flavorful or decorated
– Less flavors to pick from
How does it affect the store owner?
– The store owner could make more or less money
– The store owner will have to decide which flavors to use in their cupcakes
– The quality of the cupcakes will go down if the store owner decides to use less money, which could drive away customers
What are the scarce resources involved in running a cupcake store?
– amount of ingredients
– employees they have
-money to invest in decoration and materials
-seasonal ingredients and their prices
How does it affect customers?
– the price of cupcakes
– their favorite flavors may not be available depending on the season
How does it affect the store owner?
– depending on customers feedback and buy’s the owner makes more or less money
– the owner needs to choose which flavors to do depending on prices and if they sell
1)
– Lack of employees to keep up with the demand
– Scarcity of materials and goods, such as ingredients
– Limited funds for advertising and running the business
2)
– The prices of the cupcakes may fluctuate.
– The business may be frequently closed or hard to reach due to an employee shortage.
3)
– The owner may make less money.
– The owner’s employees may be dissatisfied with their jobs and quit.
– The owner may not have all the necessary resources.
(1) What are the scarce resources involved in running a cupcake store?
– Seasonal flavors
– Baking supplies
– Number of employees
– Time
(2) How does scarcity affect customers?
– It affects the price of the cupcakes and the amount of variety within the flavors, which can lead to a loss of customers
(3) How does it affect the store owner?
– The store owner could make less money and would need to budget certain resources (including flavors and employees)
What are the scarce resources involved in running a cupcake store?
-The seasonal flavors
-There is no label with the “best before” date
– Number of employees
How does scarcity affect customers?
-They might buy expired cupcakes.
-The cupcakes may be more expensive.
How does it affect the store owner?
– Lack of resources
– The owner would make less money.
The scarce resources involved in running a cupcake store are:
Time – only so many hours in the day to bake, and store/truck hours are limited
Labour – number of employees employed & hours they can work.
Land – location of shop – rent/price of land.
Capital – money to pay for ingredients, supplies, wages, utilities and rent.
Technology – with machinery time spent making cupcakes is decreased as is time spent processing orders, reordering supplies, accepting payments, paying bills and wages
How does it affect the store owner?
Profit levels are limited by finite resources. If the store owner sells out too quickly, they are losing money. But if they expand too much and have unsold goods, they are losing money on goods and wages paid to employees
The only ways to expand this is to:
expand locations,
expand number of employees,
expand capacity
The scarce resources are
– the ingredients
– the time to make the cupcakes
– the money to operate the business
This can affect the customer because
– the price of cupcakes with vary
– time of delivery may vary
– limited supply of cupcakes
– limited supply of flavors
This will affect the store owner because
– they may lose business because they run out of ingredients
– business loss because of time management issue
What are the scarce resources involved in running a cupcake store?
– Ingredients
– Time needed to make cupcakes
– Number of employees
How does scarcity affect customers?
-Limited cupcakes.
-Limited flavors
How does it affect the store owner?
– Loss of Money
What are the scarce resources involved in running a cupcake store?
-Ingredients
-Baking time
How does scarcity affect customers
-Limited supply of cupcakes
How does it affect store owner?
-Lossed business due to limited stock
-little to no profit
–
1) The scarce resources required in this production process are land, labour, and capital.
Land: Finite resources such as ingredients required to bake the cupcakes along with the inability to replenish their ingredient stores due to budgetary influences restricts them from producing at full capacity.
Labour: Insufficient employees due to various factors such as increasing cost of production, inability to compete with rival producers wages, etc, would potentially hinder production
Capital: The inability to invest in capital due to it being a small scale production firm would result in labour-intensive production which is more prone to errors and is more expensive in the long run increasing cost of production resulting in the opportunity cost of being able to produce more cupcakes at lower prices.
2) Customers would actually benefit in this case, due to predatory pricing and with firms having to reduce prices they will be forced to produce efficiently increasing quality and quantity of cupcakes produced. This lowers prices for customers and introduces a larger consumer choice base. Customers would spend a smaller proportion of their disposable income.
3) As store owners are forced to reduce prices and produce more efficiently, there can be a significant increase in cost of production impacting revenue and profit severely. Store owners are also at risk of going out of business completely due to competing rival firms monopolistic forces.
The scarce resources:
Flavors
employees
Ingredients
Affect customers?
A decline in clientele would result from the food becoming more expensive
How does scarcity impacts the store owner?
making money would become harder
1. Scarce Resources:
– Time
-Money
-Developing different flavors for the month
-Enough workers or ingredients to make the cupcakes
2. Affecting Customers?
– Could receive old cupcakes
-Sold out in the flavors that they want, due to the limited quantities
-More expensive as it is more time consuming to make for the employees (especially with decoration and such)
3. Scarcity Impacts The Store Owner?
-Limiting the amount of money that the owner can make
-Forced to use lower quality ingredients, putting their company’s reputation at risk
-Higher priced goods could possibly help with the chance of staying in business, but there is still a major risk in losing the business overall
Scarce Resources:
– Time
-Money
-Developing different flavors for the month
-Enough workers or ingredients to make the cupcakes
Affecting Customers?
– Could receive old cupcakes
-Sold out in the flavors that they want, due to the limited quantities
-More expensive as it is more time consuming to make for the employees (especially with decoration and such)
Scarcity Impacts The Store Owner?
-Limiting the amount of money that the owner can make
-Forced to use lower quality ingredients, putting their company’s reputation at risk
-Higher priced goods could possibly help with the chance of staying in business, but there is still a major risk in losing the business overall
What are the scarce resources involved in running a cupcake store?
– Seasonal flavors the shop makes
– Different seasons have different menus
– Baking supplies
– The amount of employees making cupcakes
– Money for supplies and workers
– Best before date
(2) How does scarcity affect customers?
– Customers may get cakes that are made days before where it is unhealthy
– Customers can chose to buy cupcakes in other shops as there are a lot of substitutions
– Customers would not be able to buy cupcake if it is sold out as they are limited in the amount of cupcakes that can be made within a day
How does it affect the store owner?
– Store owners have to think of many new cupcakes during each season.
– Need enough money to start the business and to operates the business.
– Having a small reputation just starting out
– The ability to grow their name and buy fresh ingredients
1) Scarcity
-certain flavors will not always be in season
-might run out of popular flavors
-ingredients
-hard to find labor
2) Scarcities effect on costumers
-there are other options available
-unhealthy so certain people may avoid
-certain cupcakes may be sold out
-certain cupcakes may not be in season
3)
-a lot of innovation is required
-might be looked down on for quitting law
-hard to succeed as a food truck compared to stores
-ingredients and labor are expensive
(1) What are the scarce resources involved in running a cupcake store?
-Ingredients for cake making
-Amount of cake makers
-Money for starting the new business
-The total amount of cupcakes the store can make in a day
(2) How does scarcity affect customers?
– Some customers couldn’t get products they want in the store, if the amount of cupcakes the store made in one day is limited.
-Because of the scarcity, the price of cupcakes can be higher.
(3) How does it affect the store owner?
-Their store can be more profitable. They can raise the price of their products because of the scarcity.
-Their jobs will be easier. The amount of products in one day is limited, means the owner does not need to produce many products in a day.
Scarce resources involved in running a cupcake shop may include:
1. Raw materials: such as flour, sugar, cream, fruit, etc., may become limited due to seasonal changes or supply problems.
2. Human Resources: Employees with baking skills may not be easy to recruit or may require higher pay to attract and retain them.
3. Time: Baking and making cupcakes takes time and can result in limited production and delivery during busy periods.
Scarcity can have the following effects on customers:
1. Product supply constraints: Due to limited resources, the store may not be able to meet all customer needs, resulting in some products may often be out of stock.
2. Price fluctuations: the scarcity of raw materials may lead to higher costs, and stores may be forced to adjust prices, which may affect customers’ willingness to buy.
3. Delivery time: Manpower and time constraints can lead to increased delivery times, especially during busy periods, which can affect customer satisfaction.
Scarcity can have the following effects on shop owners:
1. Increased production costs: Scarce resources may lead to higher prices when the store buys raw materials, increasing production costs.
2. Capacity constraints: Manpower and time constraints may make the store unable to meet all customer needs, which may limit the expansion of the business.
3. Forecasting difficulties: Forecasting product demand and resource demand can become more challenging due to supply instability.
1. What are the scare resources involved in running a cupcake store?
Ingrediants
land
employees
time
Hard to know when the cupcake will go bad
2. How does scarcity affect customers?
Limited amount of cupcakes may not allow all the customers to purchase the type of cupcake they wanted. However on the other hand, if the popular cupcakes are sold out, then the unpopular cupcakes will not be sold and eventually go bad leading to a financial deficit.
3. How does it affect the store owner?
If there are limited amount of cupcakes being made each day, the store owner will be able to work less. Moreover, scarcity may rise the price of the cupcake which will bring financial benifit to the owner. However, limited amount of cupcakes sold may also become a negative factor. Unless the price of the cupcakes rise continuously, there will be a limiting profit the owner could get each day unless the owner rises the cupcakes price. Moreover, it will be difficult to compete with other large cupcke cupcakes which produces milliions of cupcakes per day.
Scarce resources involved in running a cupcake shop may include:
1. Raw materials: such as flour, sugar, cream, fruit, etc., may become limited due to seasonal changes or supply problems.
2. Human Resources: Employees with baking skills may not be easy to recruit or may require higher pay to attract and retain them.
3. Time: Baking and making cupcakes takes time and can result in limited production and delivery during busy periods.
Scarcity can have the following effects on customers:
1. Product supply constraints: Due to limited resources, the store may not be able to meet all customer needs, resulting in some products may often be out of stock.
2. Price fluctuations: the scarcity of raw materials may lead to higher costs, and stores may be forced to adjust prices, which may affect customers’ willingness to buy.
3. Delivery time: Manpower and time constraints can lead to increased delivery times, especially during busy periods, which can affect customer satisfaction.
Scarcity can have the following effects on shop owners:
1. Increased production costs: Scarce resources may lead to higher prices when the store buys raw materials, increasing production costs.
2. Capacity constraints: Manpower and time constraints may make the store unable to meet all customer needs, which may limit the expansion of the business.
3. Forecasting difficulties: Forecasting product demand and resource demand can become more challenging due to supply instability.
When running a cupcake shop, the owner needs to properly handle these scarce resources, for example, by optimizing the production process, ensuring the efficient use of raw materials, and rationally arranging human resources to maximize customer demand and maintain the sustainable development of the business.
What Scarce Resources Are Involved in Running a Cupcake Shop?
-raw material
-human Resources
-time
How does scarcity affect customers?
-If the number of cupcakes in a day is limited, many people will not be able to buy the cupcakes they want to eat.
How does it affect store owners?
– Scarcity of resources Increases the cost of purchasing raw materials and thus increases production costs.
1、What are the scarce resources involved in running a cupcake store?
Special taste to attract customer
Marketing
Adding value for the cup cake.
limited material
2、How does scarcity affect customers?
From a psychological perspective, people always choose products that are in short supply
3、How does it affect the store owner?
They will deliberately manufacture the scarcity of the cake;
And, They will change different varieties every day
(1) The scarce resources involved in running a cupcake store include ingredients like flour, sugar, butter, and other baking supplies. Additionally, time and skilled labor for baking and decorating are also limited resources.
(2) Scarcity affects customers by limiting the availability of cupcakes. If the store has a high demand or limited production capacity, customers might face shortages, leading to increased competition for the available cupcakes.
(3) For the store owner, scarcity impacts the decision-making process. They need to allocate scarce resources efficiently, balancing factors like ingredient costs, labor, and production capacity to meet customer demand while maintaining profitability.
(1) The main issue of scarcity in running a cupcake store lies in the following limited resources: ingredients, time and efficiency of labor. The shortage of supplies like flour, sugar, butter etc. , would cut back the supply of cupcakes, thereby causing price fluctuations in cupcakes as well as the ingredients used in making cupcakes. The same way, if there was a shortage of time or skilled workers, the supply of cupcakes would decrease.
(2) Customers are affected by scarcity as they will be required to pay more than what they used to. If there is a low quantity of cupcakes being supplied, the price will go up. The customer might not be able to buy the sufficient amount of cupcakes he desires due to the shortage of cupcakes.
(3) The store owner will face an increase in production cost due to the scarcity of ingredients, workers etc. However, they will also profit more on sales depending on the number or cupcakes sold, monetary resources available etc.
What are the scare resources involved in running a cupcake store?
Ingrediants
land
employees
time
Hard to know when the cupcake will go bad
2. How does scarcity affect customers?
Limited amount of cupcakes may not allow all the customers to purchase the type of cupcake they wanted. However on the other hand, if the popular cupcakes are sold out, then the unpopular cupcakes will not be sold and eventually go bad leading to a financial deficit.
3. How does it affect the store owner?
If there are limited amount of cupcakes being made each day, the store owner will be able to work less. Moreover, scarcity may rise the price of the cupcake which will bring financial benifit to the owner. However, limited amount of cupcakes sold may also become a negative factor. Unless the price of the cupcakes rise continuously, there will be a limiting profit the owner could get each day unless the owner rises the cupcakes price. Moreover, it will be difficult to compete with other large cupcke cupcakes which produces milliions of cupcakes per day.
1. What are the scarce recourses involved in running a cupcake store?
When being owning a business you have to account for so many different situations that the average person, not in the same field, would not even consider. For example you can run out of specific ingredient that you get locally sourced. Some ingredients can be scarce and owners need to be able to account for the absence of these specific recourses. In their bakery there is a scarce amount of room, which leads to a scarce amount of storage and oven/cooking space. Lastly, there is a scarce amount of chefs and bakers who are good at what they do and can achieve your standards as a small business owner. Be as that may, these are all situations in which people, items, and space are scarce.
2. How does scarcity affect the costomers?
Sometimes, when people get wind of something being unattainable, it is in their human nature to want it more than before. It gives them a sense of accomplishment for attainting the good that is “special” or “rare”. So this can cause an issue of no supply and a high demand in consumers.
3. How does it affect store owners?
The owner of the store will have to consider and undergo these issues if they do present themselves. Being that their space is limited, their ovens, chefs, and storage space are also limited to a fixed amount. Being that they cannot always expand, they have to adjust prices and the format and system in which they run their business to make sure it is keeping up with a perfect supply for the demand they must meet. In uncontrollable situations and factors, owners must find a way to calculate and counter a perfect response to keep their business running smoothly. They must always expect the unexpected and always try to adapt to their environments and grow.
“anything worth doing is going to be hard”
This means that if you have a goal, something that you know will bring you success, it will not come easy. The reason in which something will make you sucessfull is becuase you took the time, the vision, the creativity, and the struggle to create something that not everyone has the endurance or strength to do. Items are worth what people put into it. This shows how ambition and work ethic play a roll in success. You will only be part of the one percent if you are willing to step above the 99% and work harder than everyone else. To be the best you have to work the hardest.
1) What are the scarce resources involved in running a cupcake store?
-ingredients for the cupcakes
-people making the cupcakes (employees)
-time given to bake the cupcakes
-amount of cupcakes
-amount of each flavor and number of flavors
2) How does scarcity affect the customers?
-customers may not be able to buy the cupcake flavor they want
-if they want a bulk order there wouldn’t be enough
-they could be forced to pay higher prices due to scarcity/limited numbers
3) How does it affect the store owner?
-the store owner could face smaller numbers or profits due to frustrated customers
-on the flip side, the owners have the ability to raise prices for the demand
1) What are the scarce resources involved in running a cupcake store?
-ingredients for the cupcakes
-people making the cupcakes
-time given to bake the cupcakes
-amount of cupcakes
-amount of each flavor and number of flavors
2) How does scarcity affect the customers?
-customers may not be able to buy the cupcake flavor they want
-if they want a bulk order there wouldn’t be enough
-they could be forced to pay higher prices due to scarcity/limited numbers
3) How does it affect the store owner?
-the store owner could face smaller numbers or profits due to frustrated customers
-on the flip side, the owners have the ability to raise prices for the demand
1)
-ingredients for the cupcakes
-people making the cupcakes
-time given to bake the cupcakes
-amount of cupcakes
-amount of each flavor and number of flavors
2)
-customers may not be able to buy the cupcake flavor they want
-if they want a bulk order there wouldn’t be enough
-they could be forced to pay higher prices due to scarcity/limited numbers
3)
-the store owner could face smaller numbers or profits due to frustrated customers
-on the flip side, the owners have the ability to raise prices for the demand
1) Ingredients in making the cupcakes
The people you pay to make the cupckaes
The number of cupcakes
2) customers might not be able to buy the flavor they want of the cupcake
-they will not be able to order a lot of cupcakes at one time due to limited supply
3) Frustrated customers may lead to less profit
Owners have the ability to raise prices for the demand
(1) What are the scarce resources involved in running a cupcake store?
– People to make cupcakes
– Amount of cupcakes that can be made
– Ingredients needed to make cupcakes
– Amount of cupcakes per flavor
– Number of cupcake flavors that can be made
(2) How does scarcity affect customers?
– Customers may not be able to buy a large amount of cupcakes.
– Prices could increase if the supply of cupcakes decreases.
– Certain flavors may not be available for customers.
(3) How does it affect the store owner?
– Store owner may have less customers with limited options of cupcakes and with a limited number of total cupcakes produced.
1. what are the scarce resources involved in runnin g a cupcake store?
– seasonal flavors
-baking tools and supplies
-the amount of employees
-the amount of time
-ingredients
-money
2. how does scarcity affect customers?
– customers may pay more for a product that is exclusive
-customers may not be able to order as many cupcakes as they want
– customers may go elsewhere to buy cupcakes because you are sold out.
3. how does it affect the storeowner
– the owner may make more revenue because they can charge more for their cupcakes due to exclusivity
-may be more difficult for owner to find customers who like the limited options of cupcakes
– limited options may frustrate customers leading to less profit for the owner
(1) What are the scarce resources involved in running a cupcake store?
-tools and supplieds
-money
-ingredients
-flavors
-time
2) How does scarcity affect customers?
-may not have their favorite flavor
-sold out cupcakes
(3) How does it affect the store owner?
-doesn’t produce enough money
-harder to make cupcakes
1) What are the scarce resources involved in running a cupcake store?
Ans: Some scarce resources are the money, time, and the employees to create the cupcakes
2) How does scarcity affect customers?
Ans: Customers might be forced to choose another flavor if their favorite isn’t available
3) How does it affect the store owner?
Ans: Less business at their store causing less cash to flow into his store
(1) What are the scarce resources involved in running a cupcake store?
-Time
-Money
-Ingredients
-Machinery/Capital Resources
(2) How does scarcity affect customers?
– Could cost more money
– Sold out flavors
(3) How does it affect the owner?
– Harder to find and obtain ingredients
– Impact on prices and amount of customers
what are the scarce resources involved in running a cupcake store?
-time
-workers
-money
-ingredients
-space
-ovens
how does scarcity affect customers?
-maybe they don’t get the cupcake they want
-have to pay more per each cupcake
how does it affect the owner?
-less work
-more
-money
-impact on amount of customers
What are the scarce resources involved in running a cupcake store?
-ingredients
-Labor
-Time
-Space
-Capital
How does scarcity affect customers?
-The prices increase leaving the customer to pay more
-Scarcity could lead to limited availability for certain products/items
-Waiting times due to the increase in high demand and labor shortages
How does it affect the store owner?
-finding and maintaining quality staff
-Navigating costs on ingredients and utilities
-Inventory management
-customer satisfaction
What are the scarce resources involved when running a cupcake store?
1) Baking supplies- The business may suffer from a lack of supply of the specific ingredient required for a specific flavour of cupcake.
2) Workers- If there is a limited amount of workers then the amount of cupcakes produced per day would be much less as opposed to more workers specialised in different fields for example you could have one worker frosting another baking etc.
3) Time- Consistently making cupcakes requires time therefore, it can lead to limited production.
How does scarcity affect customers?
-The customers desire of flavour may be unavailable at the current time due to the limited ingredients or time.
– The price of the cupcakes may increase because of the lack of supply of ingredients as well as the business may not be earning enough revenue.
How does scarcity affect the business owner?
– The owner may find difficulties finding workers in order to produce more cupcakes
– With a decreased amount of cupcakes some customers may not be presented with a variety of flavours which can lead to a decreased profit for the business.
What are the scarce resources involved in running a cupcake store?
-Time
-Money
-Ingredients
-Workers
-How many cupcakes in each flavor
How does scarcity affect customers?
-It makes the value of the cupcakes rise, resulting in customers having to pay more for the cupcakes
-Could cause there to be less of a certain flavor for the cupcake they would like
How does scarcity affect the business owner?
-Limited options as well as higher prices may decrease amount of customers therefore less cash for the business owner.
-On the other hand, the higher prices may bring in more money as long as the customers remain paying for the cupcakes.
What are the scarce resources involved in running a cupcake store?
.time management
.budget
.ingredients
.labor
How does scarcity affect customers?
.Customers might not be able to buy their preferred cupcake flavor
.Higher demand in supply from the customers may force them to spend more money
.The selling out of cupcakes will force customers to go to other buissnesses
How does it affect the store owner?
.The store owner will lose money due to his customer likely wanting to go to another seller because the store owner does not have enough suppy
What are the scarce resources involved in running a cupcake store?
.time management
.budget
.ingredients
How does scarcity affect customers?
.Customers might not be able to buy their preferred cupcake flavor
.Higher demand in supply from the customers may force them to spend more money
.The selling out of cupcakes will force customers to go to other buissnesses
How does it affect the store owner?
.The store owner will lose money due to his customer likely wanting to go to another seller because the store owner does not have enough suppy
What are the scarce resources involved in running a cupcake store?
– Ingredients and supplies needed for making the cupcakes
– Workers and staff
– The store
– How many cupcakes they are making
– Time
How does scarcity affect customers?
– How many cupcakes and flavors are available.
– The price of each cupcake.
How does it affect the store owner?
– How many cupcakes they are producing depends on how many workers they have.
– How much money they are making depends on the price of each cupcake. The prices might go up based on how much money they need to pay for resources.
1)What are the scarce resources involved in running a cupcake store?
It takes lots of time, money, and courage to start a cupcake shop…
2) How does scarcity affect customers?
Customers become reliant on this cupcake shop, which is good for the business. Thing like flavors and prices of the cupcakes play a role as well.
How does it affect the store owner?
It can affect the owner in many ways, such as time and their profit.
Scarce Resources-
1-Ingredients
2-Available Bakers
3-Money
4-Time
Scarcity Affecting Customers-
1-If there is no items that satisfies the customers, they are more likely to give up on eating the cupcakes.
2-If the resources are more scarce, the cupcakes will tend to have a higher price, which will cause customers to pay more, or lose the interesting in the purchase.
Affecting The Store Owner-
1- Higher prices will most likely lead to less customers attending the store, which will make the store owner lose profit.
2-If there are customers paying for a higher price, this will benefit the store owner, since he will be gaining profit.
3-With scare resources like bakers, ingredients, or time, the store owner will have more trouble on selling his products.
Scarce resources:
– Cupcake ingredients
– Machinery
– Time
– Money
Affect customers:
– Higher priced cupcakes because of ingredient scarcity
– Less cupcakes available because of scarcity of machinery and time
– Not many options, or not as great of quality in the product because of the scarcity of money
Affect the store owner:
– Less products sold because of product over pricing
– Or more profit for business owner because of the premium pricing
– Owner will need more money to keep quality high on his products, but money is also scarce, so the owner will run into problems with either having less products but high quality or having more products but worse quality
What are the scarce resourses involved when running a cupcake store?
Money/Capital (start up capital and working capital)
Employees/Labor (skill sets, salaries to pay)
Time (preparing, baking, and frosting cupcakes)
(didn’t put other resources like machinery, utensils and ingredients because they aren’t necessarily scarce)
How does scarcity affect customers?
Supply Constraints (If limited resources don’t meet customer needs, inventory may be low)
Price Fluctuations (limited inventory/supply creates a need for higher prices of cupcakes, which will likely increase the need for customer demand)
How does scarcity affect the business owner?
Increased Production costs (Can reduce profits)
Inability to produce cupcakes as otherwise would (will also reduce income and profit)
Scarce Resources:
– Cupcake Ingredients
– Machinery
– Time
– Money
Affect Customers:
– The business owners need to price their cupcakes high enough to be able to afford the ingredients, machinery, and truck expenses, however this might come at the cost of losing customers due to higher priced cupcakes.
Affect the store owner:
– If they are not able to balance this idea of the price of the cupcake vs. the cost of making the cupcakes then they will not be making any profit.
What are the scarce resources involved in running a cupcake store?
– ingredients
– equipment
– space
– time
– money
How does scarcity affect customers?
– not enough cupcakes
– not receiving cupcakes on time
– too expensive
– quality is not up to par
How does it affect the store owner?
– profits are affected
– customers might not be maintained
What are the scarce resources involved in running a cupcake store?
– Supplies for the cupcakes
– Money and expenses
– Workers to make the cupcakes
– Cost for advertising and marketing
– Best before expiration date
– Limited Time
– Seasonal flavors
How does scarcity affect costumers?
– If the cupcake is sold out or limited, costumers wont be able to purchase the cupcake.
– Lead to higher prices making it harder for the consumer to afford.
– Costumers could receive low quality cupcakes making them unsatisfied.
How does this effect the store owner?
– Will cause limitation to how many cupcakes the store can produce.
– Costumers will not be satisfied and that will affect business and profit.
What are the scarce resources involved in running a cupcake store?
1. Developing a unique cupcake
2. Funding to cover the startup cost
3. Obtaining the necessary licenses and permits
4. Labor and time
5. Ingredients; flour, sugar, butter, etc.
How does scarcity affect customers?
1. Price of the cupcakes: when the ingredients are hard to find, the price of the cupcake will increase
2. Variety: when ingredients are limited, there is less of a selection for customers to choose from
3. Availability: customers can be disappointed if they are not able to acquire their favorite cupcake
4. Quality: if you have to use inferior ingredients, the quality of your product will suffer, and so will the sales
How does it affect the store owner?
1. Higher ingredient cost: higher costs will affect the bakery profits
2. Strategic decisions need to be made: the store owner will need to make decisions concerning things like changing the recipes and potentially using different suppliers
3. Profits: in order to maintain the high quality cupcakes, the store owner may need to have less profitability or increase the price of the cupcakes
1). What are scarce resources involved in running a cupcake store?
– Labor, to run a successful cupcake store it needs to have skilled bakers and staff. Finding the right employees for the business can be challenging.
– Equipment, cupcake shops need to get equipment that is specialized for baking. These items may need maintenance or to be replaced.
– Ingredients, you need to have quality ingredients that would entice customers to come again.
– Licenses you may need to get.
– A place for the cupcake shop. There needs to be an area to sell the cupcakes and/or make.
2.) How does scarcity affect the customer?
– Availability, with a scarcity of resources like ingredients or equipment it could affect the customers experience because the cupcake shop might not be able to fulfill orders.
-Quality, if there was a scarcity of key ingredients typically used in the cupcake shops cupcakes then it could impact the customers experience from either noticing a change of presentation and/or taste if the cupcake shop may need to use substitutions.
-Price, if there are increases in prices due to shortages of key ingredients this could alter the customers experience.
3.) How does it affect the store owner?
-Costs, like mentioned previously when there are scarcities of ingredients the costs of these products will increase. So the owner has to make a hard decision where either they lose money by not increasing prices to match what they are spending on materials or they can increase their price and risk losing customers over raised prices.
– Store competitiveness, if resources continue to be scarce then the store owner may face challenges with competing with fellow businesses that may have an advantage to resources.
– Quality control, with being a owner there needs to be consistency in quality and efficiency to create a good experience for the customer.
– Innovation, if there are shortages in resources then the store owner will need to overcome these challenges with things such as using alternative ingredients.
1.) What are the scarce resources involved in running a cupcake store?
– Ingredients
– Labor
– Location
– Permits/licenses
– Equipment
– Expiration date
– Cost of advertising
How does scarcity affect customers?
Scarcity affects customers because if the owner is unable to find enough resources, the customer will not be able to buy a cupcake. Furthermore, if only s few cupcakes are able to be made, the price will go up for each cupcake.
How does it affect the store owner?
When there is a scarcity of ingredients the owner will have to pay more for the ingredients that they can get. Additionally, scarcity of locations could affect how many people come to the store and if there are other competing cupcake shops nearby. Lastly, if the owner is only able to make a few ingredients but they expire by the time someone wants to buy them, they will lose a lot of money.
what are the scarce resources involved in running a cupcake store? 1,food 2,flavor 3employees 4,packaging 5decorations
How does scarcity affect customers? – Customers may choose to support other shops – Customers may not be able to purchase a cupcake of their choice if it is limited and sold out for the day – Cupcakes may not taste the best if the quality of the ingredients are poor
3) How does it affect the store owner? – Store owners would have to think of new types of cupcake every season – Need enough capital to start the business and working capital to operates the business – May have low reputation as they are an entrepreneur that just started making cupcakes – Need to be able to keep fresh food and grow reputation
wow, i really love cupcakes.
OMG Me too we should hang out?!?!?!
Me too
(1) What are the scarce resources involved in running a cupcake store?
-Ingredients for cake making
-Amount of cake makers
-Money for starting the new business
-The total amount of cupcakes the store can make in a day
(2) How does scarcity affect customers?
– Some customers couldn’t get products they want in the store, if the amount of cupcakes the store made in one day is limited.
-Because of the scarcity, the price of cupcakes can be higher.
(3) How does it affect the store owner?
-Their store can be more profitable. They can raise the price of their products because of the scarcity.
-Their jobs will be easier. The amount of products in one day is limited, means the owner does not need to produce many products in a day.
Sorry I replied to the wrong place
R Kelly did nothing bad
1) What are the scarce resources involved in running a cupcake store?
– Labor
– Machinery
– Time
– Flour, Frosting, Resources
2) How does scarcity affect customers?
Increased scarcity can lead to heightened price levels, leading customers to have less benefits than before.
3) Scarcity can lead to the store owner placing higher prices on the cupcakes; Since materials are more scarce, the final product needs to be more expensive to make up for the extra difficulty.
Hello my children
Hi
my teacher made us read this during class as a intro into economics by talking about scarcity.
same
OMG!!! ME TOO
same
skill issue i’ll full box you
Me too. I love you rod? (Rod wave)
this is for my Intro to Business class lol
(1) What are the scarce resources involved in running a cupcake store?
– Seasonal flavor
– Different season may have different menu
– Supplies
– The amount of workers making cupcakes
– The amount of food to make enough cupcake
– Money
– Having enough money to buy enough supplies or hire enough workers
– Best before date
– Cupcake can only stay about two to three days which most customers would like fresh food
(2) How does scarcity affect customers?
– Customers may get cakes that are made days before where it is unhealthy
– Customers can chose to buy cupcakes in other shops as there are a lot of substitutions
– Customers would not be able to buy cupcake if it is sold out as they are limited in the amount of cupcakes that can be made within a day
(3) How does it affect the store owner?
– Store owners would have to think of new types of cupcake every season
– Need enough capital to start the business and working capital to operates the business
– May have low reputation as they are an entrepreneur that just started making cupcakes
– Need to be able to keep fresh food and grow reputation
thank you g, you saved me half my period
What are the scarce resources involved in running a cupcake store?
-seasonal flavor
-supplies
-workers
How does scarcity affect customers?
-customers might get old cupcake
-might get weirdly shaped cupcakes
How does it affect the store owner?
-less customers
-less money
What are Scarce Resources Involved in Running A Cupcake Store?
– Ingredients bought from stores
– Packaging
– Decorations
– Investment money
– Workers
– Advertising cost
– Best before date
How Does Scarcity Affect Customers?
-The shop might run out of stock for the cupcake customers want
– The cupcakes may be made from low quality ingredients if the investment money isn’t much
– Customers might get a spoiled cupcake (out of date)
– The cupcakes may not be as aesthetically pleasing if the decorations are bland
How Does Scarcity Affect the Store Owner?
– If the cupcakes aren’t aesthetically pleasing then the customer might not advertise it for the store which means the store will be less popular
– If the cupcakes don’t taste good then they won’t make as much money
– If the cupcakes are out of date and the customers report it then they could get sued
What are the scarce resources involved in running a cupcake store?
– seasonal flavor
– supplies
– amount of workers
– best before date
– advertising cost
How does scarcity affect customers?
– Customers get a spoiled/out of date cupcake
– customers wouldn’t be able to buy a cupcake if the store is limited in the amount of cupcakes that can be made
How does it affect the store owner?
– Need capital to start and maintain the business
– If the cupcakes don’t taste good, the store will be unpopular amongst customers
(1) What are the scarce resources involved in running a cupcake store?
-Number of employees involved.
-Funding to get the cupcake business started.
-Ingredients to produce the cupcakes.
(2) How does scarcity affect customers?
-Cupcakes they can buy at one event.
-Time they have to wait to receive their order.
How many customers may be attended to at one time.
(3) How does it affect the store owner?
-Money the store owner has to put into different categories and needs such as supplies, employees, and advertisement.
What are the scarce resources involved in running a cupcake store?
– Foods and Flavors avalible
– Money/ Budget
– Time Crunch
– Shortage of employees
– How long a cupcake can sit on a shelf before going bad
– Amount of packaging and decorations left
How does scarcity affect customers?
– Customers may choose to support other shops
– Customers may not be able to purchase a cupcake of their choice if it is limited and sold out for the day
– Cupcakes may not taste the best if the quality of the ingredients are poor
How does it affect the store owner?
– May not be able to produce enough income to keep the shop open
– Scarcity of resources can cause price inflation of other products, which can be too expensive
– The shop may not be able to have enough fresh products
– The business may not be able to expand and grow their name
what are the scarce resources involved in running a cupcake store?
1,food
2,flavor
3employees
4,packaging
5decorations
how does scarcity affect customers?
1,the price of the object will be hihger ,then the cost of buying will be hihg
2,the unlimited want of customer may not be satisfied in one day
how doesit affectthe store owner?
1,there would be not enough profit the owner can get to growth or survival
2,the price will be higher than others
ty
what are the scarce resources involved in running a cupcake store?
1) packaging
How does it affect the store owner?
They would have a harder time making as much profit
2) employees
3) food
4) flavor
how does scarcity affect customers?
The original price of the item will be more expensive so it will make it more expensive for the customers when they are buying it.
Sorry the order got mixed up, down below is it corrected
what are the scarce resources involved in running a cupcake store?
1) packaging
2) employees
3) food
4) flavor
How does it affect the store owner?
They would have a harder time making as much profit
how does scarcity affect customers?
The original price of the item will be more expensive so it will make it more expensive for the customers when they are buying it.
What are the scares resources involved in running a cupcake store?
1) employees
2) food
3) decorations
How does it affect the store owner?
the owner may have a hard time gaining profit which could cause the store to shut down
How does scarcity affect customers?
The price of the items will be more expensive may have a hard time affording it.
Scarce Resources:
-food
-packaging
-employees
-decorations
Effect on store owner:
-making profit would be more difficult
Effect on customers:
-the price of food would be more expensive and therefore harder to afford
Scarce Resources:
-food
-packaging
-employees
-decorations
Effect on store owner:
-making profit would be more difficult
Effect on customers:
-the price of food would be more expensive and therefore harder to afford
Most effective resources:
-food
-packaging
-employees
Effect on store owner:
-making profit would be more difficult
What are the scarce resources involved in running a cupcake store?
Food/flavors
Employees
packaging
How does scarcity affect customers?
Since the items become more scarce this causes a rise in price making it harder for customers to afford.
How does it affect the store owner?
The store owner will either have to keep prices low a minimize profit margins or lose customers while raising prices.
The scarce resources involved in running a cupcake shop are:
Flavors
employees
decorations
How do Scarcity affects customers?
the food would be more expensive leading to a declining number of clients
How does scarcity impacts the store owner?
making money would become harder
What are the scarce resources involved in running a cupcake store?
– Ingredients
-Packaging
-Employees
-Embelishments
How does scarcity affect customers?
– Customers may get old and stale cupcakes
– Customers receive lower quality cupcake
– Customers receive less aesthetic cupcakes
How does it affect the store owner?
– Customers may be dissatisfied with the quality of cupcakes, affecting business
– The owner may have to compromise on ingredients
1) The scarce resources are employees, food, decorations, and packaging material.
2) Customers will only be able to by a certain quantity of cupcakes, and their flavor options will be limited. The cupcakes they purchase may also be unhealthy.
3) The producer will only be able to produce a limited amount of cupcakes in a limited variety of flavors due to their lack of reputation and scarcity of materials.
Scare resources
– employees
-time
-budget
Affect – it is more difficult to make customers fresh and cheap cupcakes
Store owner affect –
Profiting is more difficult
1. What are the scarce resources involved in running a cupcake store?
-workers
-time
-money
-supply (seasonal flavors)
2. How does scarcity affect customers?
-multiple options
-lower quality cupcake over a prettier one
3. How does it affect the store owner?
-keep up with seasonal flavors
– limited on amount they can produce
1. What are the scarce resources involved involved in running a cupcake store?
– Time
– workers
– ingredients
– supply
2. How does scarcity affect customers?
– The cupcake could be more expensive for the customer.
– quality/ quantity.
3. How does this affect the store owner ?
– limited amount of cupcakes they can produce.
– scarcity can cause price inflation.
What are the scarce resources involved in running a cupcake store?
1. Labour – number of employees employed + hours they can work
2. Land – location of shop – price of land
3. Capital – money to pay for; ingredients, staff, utilities and rent
4. Technology – with machinery time spent making cupcakes is decreased
How does scarcity affect customers?
1. If a good becomes scare this means a shift inwards of supply S1 to S2 (decreased supply) -> lower supply (S2) + constant demand (D1) = raise in price (P1 to P2) -> increase of price decreases consumer surplus -> in turn decreasing consumer welfare.
How does it affect the store owner?
1. with changes from S1 to S2 and consumer surplus and consumer welfare decreasing the producer welfare and producer surplus will increase leading to greater inequality.
The scarce resources involved in running a cupcake store are:
1. Labour – number of employees employed + hours they can work
2. Land – location of shop – price of land
3. Capital – money to pay for; ingredients, staff, utilities and rent
4. Technology – with machinery time spent making cupcakes is decreased
What is scarcity’s affect on customers?
1. If a good becomes scare this means a shift inwards of supply S1 to S2 (decreased supply) -> lower supply (S2) + constant demand (D1) = raise in price (P1 to P2) -> increase of price decreases consumer surplus -> in turn decreasing consumer welfare.
How does Scarcity affect the store owner?
1. with changes from S1 to S2 and consumer surplus and consumer welfare decreasing the producer welfare and producer surplus will increase leading to greater inequality.
2. Furthermore, scarcity will increase the cost of production for each unit -> increased costs on the producer
What are the scarce resources involved in running a cupcake store?
• Time
• Supply, ingredients
• Workers
• Place to prepare
• Capital money
• Design ideas
How does scarcity affect customers?
• Price could be higher
• Quality of cupcake could be lower
How does it affect the store owner?
• Owner ended up producing less cupcake
• Earning/making less money
What are the scarce resources involved in running a cupcake store?
• Time
• Supply, ingredients
• Workers
• Place to prepare
• Capital money
• Design ideas
How does scarcity affect customers?
• Price could be higher
• Quality of cupcake could be lower
How does it affect the store owner?
• Owner ended up producing less cupcake
• Earning/making less money
Cupcake ingredients, a space to sell the cupcakes, employees, flavor, packaging, decorations, the price of ingredients.
The size of the product and the price of the product
The price, profit, and the want of the product. The growth of the cupcake store
What are the scarce resources involved in running a cupcake store?
– ingredients
– Time/commitment and hard work
– resources
– supplies
– employees
– kitchen to bake/ work
How does scarcity affect customers?
quality of the cupcake is over charged
price could be to high
How this affects the store owner:
– Losing money
not selling as much cupcakes
What are the Scarce resources involved in running a cupcake store?
– Supplies
– Time to bake
– Ingredients
– Location
– Price of product
– Design and advertisement of Cupcake
How does this Scarcity affect customers?
– Price is higher than it should be given the quality of the cupcake
– Difficulty in making cupcakes cheap but also fresh and appealing
(1) What are the scarce resources involved in running a cupcake store?
-supplies
-time
-employees
-equipment
(2) How does scarcity affect customers?
The quality of the products could go down to produce more, and less cupcakes would be produced at higher quality.
(3) How does it affect the store owner?
They would make less money if they produced less cupcakes at higher quality, and would have less returning customers if they produced more cupcakes at less quality. A difficult choice would have to be made.
(1) What are the scarce resources involved in running a cupcake store?
Time for making cakes
Money for hiring workers,buying raw material and eqipment
lack of an area of bakery
(2) How does scarcity affect customers?
They cannot buy enough cakes when cakes are sold out
They do not like low-quality cakes
They cannot buy and eat cakes at any locations
(3) How does it affect the store owner?
They cannot make so many cakes to sell to customers
They may not have sufficient raw material to produce cakes
They will produce law-quality products if they don’t have enough time
What are the scarce resources involved in running a cupcake store?
– employees
– supplies
– time
– money
How does scarcity affect customers?
– cupcakes can be either cheap or expensive
– they can be spoiled due to a long storage time
How does it affect the store owner?
– people cannot afford enough money for expensive ones
1.) Scarce resources are ingredients, baking instruments, time, workers
2.) It affects customers because sometimes the product might not always be the best tasting due to the lack of ingredients. Also there is not unlimited cupcakes.
3.)The store owner can only make so many cupcakes. They have to find the right balance between how much flavor and ingredients used.
What are the scarce resources involved in running a cupcake store?
-The seasonal flavors
-There is no label with the “best before” date
-Employees
How does scarcity affect customers?
-They can buy expired cupcakes.
-The cupcakes can be more expensive.
How does it affect the store owner?
-The owner would make less money.
– The owner will sell less cupcakes.
What are the scarce resources involved in running a cupcake store?
-The seasonal flavors
-There is no label with the “best before” date
-Employees
How does scarcity affect customers?
-They can buy expired cupcakes.
-The cupcakes can be more expensive.
How does it affect the store owner?
-The owner would make less money.
– The owner will sell less cupcakes.
What are the scarce resources involved in running a cupcake store?
-Time
– Amount of ingredients
– Amount of employees
– Amount of money they have
How does it affect customers ?
– The cupcakes could be more expensive
– There could be less cupcakes to buy
– The cupcakes could be less flavorful or decorated
– Less flavors to pick from
How does it affect the store owner?
– The store owner could make more or less money
– The store owner will have to decide which flavors to use in their cupcakes
– The quality of the cupcakes will go down if the store owner decides to use less money, which could drive away customers
What are the scarce resources involved in running a cupcake store?
– amount of ingredients
– employees they have
-money to invest in decoration and materials
-seasonal ingredients and their prices
How does it affect customers?
– the price of cupcakes
– their favorite flavors may not be available depending on the season
How does it affect the store owner?
– depending on customers feedback and buy’s the owner makes more or less money
– the owner needs to choose which flavors to do depending on prices and if they sell
1)
– Lack of employees to keep up with the demand
– Scarcity of materials and goods, such as ingredients
– Limited funds for advertising and running the business
2)
– The prices of the cupcakes may fluctuate.
– The business may be frequently closed or hard to reach due to an employee shortage.
3)
– The owner may make less money.
– The owner’s employees may be dissatisfied with their jobs and quit.
– The owner may not have all the necessary resources.
(1) What are the scarce resources involved in running a cupcake store?
– Seasonal flavors
– Baking supplies
– Number of employees
– Time
(2) How does scarcity affect customers?
– It affects the price of the cupcakes and the amount of variety within the flavors, which can lead to a loss of customers
(3) How does it affect the store owner?
– The store owner could make less money and would need to budget certain resources (including flavors and employees)
What are the scarce resources involved in running a cupcake store?
-The seasonal flavors
-There is no label with the “best before” date
– Number of employees
How does scarcity affect customers?
-They might buy expired cupcakes.
-The cupcakes may be more expensive.
How does it affect the store owner?
– Lack of resources
– The owner would make less money.
The scarce resources involved in running a cupcake store are:
Time – only so many hours in the day to bake, and store/truck hours are limited
Labour – number of employees employed & hours they can work.
Land – location of shop – rent/price of land.
Capital – money to pay for ingredients, supplies, wages, utilities and rent.
Technology – with machinery time spent making cupcakes is decreased as is time spent processing orders, reordering supplies, accepting payments, paying bills and wages
How does it affect the store owner?
Profit levels are limited by finite resources. If the store owner sells out too quickly, they are losing money. But if they expand too much and have unsold goods, they are losing money on goods and wages paid to employees
The only ways to expand this is to:
expand locations,
expand number of employees,
expand capacity
The scarce resources are
– the ingredients
– the time to make the cupcakes
– the money to operate the business
This can affect the customer because
– the price of cupcakes with vary
– time of delivery may vary
– limited supply of cupcakes
– limited supply of flavors
This will affect the store owner because
– they may lose business because they run out of ingredients
– business loss because of time management issue
What are the scarce resources involved in running a cupcake store?
– Ingredients
– Time needed to make cupcakes
– Number of employees
How does scarcity affect customers?
-Limited cupcakes.
-Limited flavors
How does it affect the store owner?
– Loss of Money
What are the scarce resources involved in running a cupcake store?
-Ingredients
-Baking time
How does scarcity affect customers
-Limited supply of cupcakes
How does it affect store owner?
-Lossed business due to limited stock
-little to no profit
–
1) The scarce resources required in this production process are land, labour, and capital.
Land: Finite resources such as ingredients required to bake the cupcakes along with the inability to replenish their ingredient stores due to budgetary influences restricts them from producing at full capacity.
Labour: Insufficient employees due to various factors such as increasing cost of production, inability to compete with rival producers wages, etc, would potentially hinder production
Capital: The inability to invest in capital due to it being a small scale production firm would result in labour-intensive production which is more prone to errors and is more expensive in the long run increasing cost of production resulting in the opportunity cost of being able to produce more cupcakes at lower prices.
2) Customers would actually benefit in this case, due to predatory pricing and with firms having to reduce prices they will be forced to produce efficiently increasing quality and quantity of cupcakes produced. This lowers prices for customers and introduces a larger consumer choice base. Customers would spend a smaller proportion of their disposable income.
3) As store owners are forced to reduce prices and produce more efficiently, there can be a significant increase in cost of production impacting revenue and profit severely. Store owners are also at risk of going out of business completely due to competing rival firms monopolistic forces.
The scarce resources:
Flavors
employees
Ingredients
Affect customers?
A decline in clientele would result from the food becoming more expensive
How does scarcity impacts the store owner?
making money would become harder
Scarce
Flavors
employees
Ingredients
Cupcakes have more value and they are hard to come by
Less money and products
1. Scarce Resources:
– Time
-Money
-Developing different flavors for the month
-Enough workers or ingredients to make the cupcakes
2. Affecting Customers?
– Could receive old cupcakes
-Sold out in the flavors that they want, due to the limited quantities
-More expensive as it is more time consuming to make for the employees (especially with decoration and such)
3. Scarcity Impacts The Store Owner?
-Limiting the amount of money that the owner can make
-Forced to use lower quality ingredients, putting their company’s reputation at risk
-Higher priced goods could possibly help with the chance of staying in business, but there is still a major risk in losing the business overall
Scarce Resources:
– Time
-Money
-Developing different flavors for the month
-Enough workers or ingredients to make the cupcakes
Affecting Customers?
– Could receive old cupcakes
-Sold out in the flavors that they want, due to the limited quantities
-More expensive as it is more time consuming to make for the employees (especially with decoration and such)
Scarcity Impacts The Store Owner?
-Limiting the amount of money that the owner can make
-Forced to use lower quality ingredients, putting their company’s reputation at risk
-Higher priced goods could possibly help with the chance of staying in business, but there is still a major risk in losing the business overall
What are the scarce resources involved in running a cupcake store?
– Seasonal flavors the shop makes
– Different seasons have different menus
– Baking supplies
– The amount of employees making cupcakes
– Money for supplies and workers
– Best before date
(2) How does scarcity affect customers?
– Customers may get cakes that are made days before where it is unhealthy
– Customers can chose to buy cupcakes in other shops as there are a lot of substitutions
– Customers would not be able to buy cupcake if it is sold out as they are limited in the amount of cupcakes that can be made within a day
How does it affect the store owner?
– Store owners have to think of many new cupcakes during each season.
– Need enough money to start the business and to operates the business.
– Having a small reputation just starting out
– The ability to grow their name and buy fresh ingredients
1) Scarcity
-certain flavors will not always be in season
-might run out of popular flavors
-ingredients
-hard to find labor
2) Scarcities effect on costumers
-there are other options available
-unhealthy so certain people may avoid
-certain cupcakes may be sold out
-certain cupcakes may not be in season
3)
-a lot of innovation is required
-might be looked down on for quitting law
-hard to succeed as a food truck compared to stores
-ingredients and labor are expensive
(1) What are the scarce resources involved in running a cupcake store?
-Ingredients for cake making
-Amount of cake makers
-Money for starting the new business
-The total amount of cupcakes the store can make in a day
(2) How does scarcity affect customers?
– Some customers couldn’t get products they want in the store, if the amount of cupcakes the store made in one day is limited.
-Because of the scarcity, the price of cupcakes can be higher.
(3) How does it affect the store owner?
-Their store can be more profitable. They can raise the price of their products because of the scarcity.
-Their jobs will be easier. The amount of products in one day is limited, means the owner does not need to produce many products in a day.
Scarce resources involved in running a cupcake shop may include:
1. Raw materials: such as flour, sugar, cream, fruit, etc., may become limited due to seasonal changes or supply problems.
2. Human Resources: Employees with baking skills may not be easy to recruit or may require higher pay to attract and retain them.
3. Time: Baking and making cupcakes takes time and can result in limited production and delivery during busy periods.
Scarcity can have the following effects on customers:
1. Product supply constraints: Due to limited resources, the store may not be able to meet all customer needs, resulting in some products may often be out of stock.
2. Price fluctuations: the scarcity of raw materials may lead to higher costs, and stores may be forced to adjust prices, which may affect customers’ willingness to buy.
3. Delivery time: Manpower and time constraints can lead to increased delivery times, especially during busy periods, which can affect customer satisfaction.
Scarcity can have the following effects on shop owners:
1. Increased production costs: Scarce resources may lead to higher prices when the store buys raw materials, increasing production costs.
2. Capacity constraints: Manpower and time constraints may make the store unable to meet all customer needs, which may limit the expansion of the business.
3. Forecasting difficulties: Forecasting product demand and resource demand can become more challenging due to supply instability.
1. What are the scare resources involved in running a cupcake store?
Ingrediants
land
employees
time
Hard to know when the cupcake will go bad
2. How does scarcity affect customers?
Limited amount of cupcakes may not allow all the customers to purchase the type of cupcake they wanted. However on the other hand, if the popular cupcakes are sold out, then the unpopular cupcakes will not be sold and eventually go bad leading to a financial deficit.
3. How does it affect the store owner?
If there are limited amount of cupcakes being made each day, the store owner will be able to work less. Moreover, scarcity may rise the price of the cupcake which will bring financial benifit to the owner. However, limited amount of cupcakes sold may also become a negative factor. Unless the price of the cupcakes rise continuously, there will be a limiting profit the owner could get each day unless the owner rises the cupcakes price. Moreover, it will be difficult to compete with other large cupcke cupcakes which produces milliions of cupcakes per day.
Scarce resources involved in running a cupcake shop may include:
1. Raw materials: such as flour, sugar, cream, fruit, etc., may become limited due to seasonal changes or supply problems.
2. Human Resources: Employees with baking skills may not be easy to recruit or may require higher pay to attract and retain them.
3. Time: Baking and making cupcakes takes time and can result in limited production and delivery during busy periods.
Scarcity can have the following effects on customers:
1. Product supply constraints: Due to limited resources, the store may not be able to meet all customer needs, resulting in some products may often be out of stock.
2. Price fluctuations: the scarcity of raw materials may lead to higher costs, and stores may be forced to adjust prices, which may affect customers’ willingness to buy.
3. Delivery time: Manpower and time constraints can lead to increased delivery times, especially during busy periods, which can affect customer satisfaction.
Scarcity can have the following effects on shop owners:
1. Increased production costs: Scarce resources may lead to higher prices when the store buys raw materials, increasing production costs.
2. Capacity constraints: Manpower and time constraints may make the store unable to meet all customer needs, which may limit the expansion of the business.
3. Forecasting difficulties: Forecasting product demand and resource demand can become more challenging due to supply instability.
When running a cupcake shop, the owner needs to properly handle these scarce resources, for example, by optimizing the production process, ensuring the efficient use of raw materials, and rationally arranging human resources to maximize customer demand and maintain the sustainable development of the business.
What Scarce Resources Are Involved in Running a Cupcake Shop?
-raw material
-human Resources
-time
How does scarcity affect customers?
-If the number of cupcakes in a day is limited, many people will not be able to buy the cupcakes they want to eat.
How does it affect store owners?
– Scarcity of resources Increases the cost of purchasing raw materials and thus increases production costs.
1、What are the scarce resources involved in running a cupcake store?
Special taste to attract customer
Marketing
Adding value for the cup cake.
limited material
2、How does scarcity affect customers?
From a psychological perspective, people always choose products that are in short supply
3、How does it affect the store owner?
They will deliberately manufacture the scarcity of the cake;
And, They will change different varieties every day
Now why am I reading about cupcakes during economics. I get the business part of it but this is funny asl to me
1) What are the scarce resources involved in running a cupcake store?
-ingredients
-employees
-money
2) How does scarcity affect the customers?
-some customers won’t be able to buy the goods they want from that store before they run out
3) How does it affect the store owner?
-if certain goods are scare, then raising the product will lead to a higher profit
(1) The scarce resources involved in running a cupcake store include ingredients like flour, sugar, butter, and other baking supplies. Additionally, time and skilled labor for baking and decorating are also limited resources.
(2) Scarcity affects customers by limiting the availability of cupcakes. If the store has a high demand or limited production capacity, customers might face shortages, leading to increased competition for the available cupcakes.
(3) For the store owner, scarcity impacts the decision-making process. They need to allocate scarce resources efficiently, balancing factors like ingredient costs, labor, and production capacity to meet customer demand while maintaining profitability.
(1) The main issue of scarcity in running a cupcake store lies in the following limited resources: ingredients, time and efficiency of labor. The shortage of supplies like flour, sugar, butter etc. , would cut back the supply of cupcakes, thereby causing price fluctuations in cupcakes as well as the ingredients used in making cupcakes. The same way, if there was a shortage of time or skilled workers, the supply of cupcakes would decrease.
(2) Customers are affected by scarcity as they will be required to pay more than what they used to. If there is a low quantity of cupcakes being supplied, the price will go up. The customer might not be able to buy the sufficient amount of cupcakes he desires due to the shortage of cupcakes.
(3) The store owner will face an increase in production cost due to the scarcity of ingredients, workers etc. However, they will also profit more on sales depending on the number or cupcakes sold, monetary resources available etc.
My high school Microeconomic teacher gave a similar example to explain scarcity. This made my understood more!
EDP only wanted a cupcake
What are the scare resources involved in running a cupcake store?
Ingrediants
land
employees
time
Hard to know when the cupcake will go bad
2. How does scarcity affect customers?
Limited amount of cupcakes may not allow all the customers to purchase the type of cupcake they wanted. However on the other hand, if the popular cupcakes are sold out, then the unpopular cupcakes will not be sold and eventually go bad leading to a financial deficit.
3. How does it affect the store owner?
If there are limited amount of cupcakes being made each day, the store owner will be able to work less. Moreover, scarcity may rise the price of the cupcake which will bring financial benifit to the owner. However, limited amount of cupcakes sold may also become a negative factor. Unless the price of the cupcakes rise continuously, there will be a limiting profit the owner could get each day unless the owner rises the cupcakes price. Moreover, it will be difficult to compete with other large cupcke cupcakes which produces milliions of cupcakes per day.
1. What are the scarce recourses involved in running a cupcake store?
When being owning a business you have to account for so many different situations that the average person, not in the same field, would not even consider. For example you can run out of specific ingredient that you get locally sourced. Some ingredients can be scarce and owners need to be able to account for the absence of these specific recourses. In their bakery there is a scarce amount of room, which leads to a scarce amount of storage and oven/cooking space. Lastly, there is a scarce amount of chefs and bakers who are good at what they do and can achieve your standards as a small business owner. Be as that may, these are all situations in which people, items, and space are scarce.
2. How does scarcity affect the costomers?
Sometimes, when people get wind of something being unattainable, it is in their human nature to want it more than before. It gives them a sense of accomplishment for attainting the good that is “special” or “rare”. So this can cause an issue of no supply and a high demand in consumers.
3. How does it affect store owners?
The owner of the store will have to consider and undergo these issues if they do present themselves. Being that their space is limited, their ovens, chefs, and storage space are also limited to a fixed amount. Being that they cannot always expand, they have to adjust prices and the format and system in which they run their business to make sure it is keeping up with a perfect supply for the demand they must meet. In uncontrollable situations and factors, owners must find a way to calculate and counter a perfect response to keep their business running smoothly. They must always expect the unexpected and always try to adapt to their environments and grow.
“anything worth doing is going to be hard”
This means that if you have a goal, something that you know will bring you success, it will not come easy. The reason in which something will make you sucessfull is becuase you took the time, the vision, the creativity, and the struggle to create something that not everyone has the endurance or strength to do. Items are worth what people put into it. This shows how ambition and work ethic play a roll in success. You will only be part of the one percent if you are willing to step above the 99% and work harder than everyone else. To be the best you have to work the hardest.
1) What are the scarce resources involved in running a cupcake store?
-ingredients for the cupcakes
-people making the cupcakes (employees)
-time given to bake the cupcakes
-amount of cupcakes
-amount of each flavor and number of flavors
2) How does scarcity affect the customers?
-customers may not be able to buy the cupcake flavor they want
-if they want a bulk order there wouldn’t be enough
-they could be forced to pay higher prices due to scarcity/limited numbers
3) How does it affect the store owner?
-the store owner could face smaller numbers or profits due to frustrated customers
-on the flip side, the owners have the ability to raise prices for the demand
1) What are the scarce resources involved in running a cupcake store?
-ingredients for the cupcakes
-people making the cupcakes
-time given to bake the cupcakes
-amount of cupcakes
-amount of each flavor and number of flavors
2) How does scarcity affect the customers?
-customers may not be able to buy the cupcake flavor they want
-if they want a bulk order there wouldn’t be enough
-they could be forced to pay higher prices due to scarcity/limited numbers
3) How does it affect the store owner?
-the store owner could face smaller numbers or profits due to frustrated customers
-on the flip side, the owners have the ability to raise prices for the demand
1)
-ingredients for the cupcakes
-people making the cupcakes
-time given to bake the cupcakes
-amount of cupcakes
-amount of each flavor and number of flavors
2)
-customers may not be able to buy the cupcake flavor they want
-if they want a bulk order there wouldn’t be enough
-they could be forced to pay higher prices due to scarcity/limited numbers
3)
-the store owner could face smaller numbers or profits due to frustrated customers
-on the flip side, the owners have the ability to raise prices for the demand
1) Ingredients in making the cupcakes
The people you pay to make the cupckaes
The number of cupcakes
2) customers might not be able to buy the flavor they want of the cupcake
-they will not be able to order a lot of cupcakes at one time due to limited supply
3) Frustrated customers may lead to less profit
Owners have the ability to raise prices for the demand
(1) What are the scarce resources involved in running a cupcake store?
– People to make cupcakes
– Amount of cupcakes that can be made
– Ingredients needed to make cupcakes
– Amount of cupcakes per flavor
– Number of cupcake flavors that can be made
(2) How does scarcity affect customers?
– Customers may not be able to buy a large amount of cupcakes.
– Prices could increase if the supply of cupcakes decreases.
– Certain flavors may not be available for customers.
(3) How does it affect the store owner?
– Store owner may have less customers with limited options of cupcakes and with a limited number of total cupcakes produced.
1. what are the scarce resources involved in runnin g a cupcake store?
– seasonal flavors
-baking tools and supplies
-the amount of employees
-the amount of time
-ingredients
-money
2. how does scarcity affect customers?
– customers may pay more for a product that is exclusive
-customers may not be able to order as many cupcakes as they want
– customers may go elsewhere to buy cupcakes because you are sold out.
3. how does it affect the storeowner
– the owner may make more revenue because they can charge more for their cupcakes due to exclusivity
-may be more difficult for owner to find customers who like the limited options of cupcakes
– limited options may frustrate customers leading to less profit for the owner
(1) What are the scarce resources involved in running a cupcake store?
-tools and supplieds
-money
-ingredients
-flavors
-time
2) How does scarcity affect customers?
-may not have their favorite flavor
-sold out cupcakes
(3) How does it affect the store owner?
-doesn’t produce enough money
-harder to make cupcakes
1) What are the scarce resources involved in running a cupcake store?
Ans: Some scarce resources are the money, time, and the employees to create the cupcakes
2) How does scarcity affect customers?
Ans: Customers might be forced to choose another flavor if their favorite isn’t available
3) How does it affect the store owner?
Ans: Less business at their store causing less cash to flow into his store
(1) What are the scarce resources involved in running a cupcake store?
-Time
-Money
-Ingredients
-Machinery/Capital Resources
(2) How does scarcity affect customers?
– Could cost more money
– Sold out flavors
(3) How does it affect the owner?
– Harder to find and obtain ingredients
– Impact on prices and amount of customers
what are the scarce resources involved in running a cupcake store?
-time
-workers
-money
-ingredients
-space
-ovens
how does scarcity affect customers?
-maybe they don’t get the cupcake they want
-have to pay more per each cupcake
how does it affect the owner?
-less work
-more
-money
-impact on amount of customers
What are the scarce resources involved in running a cupcake store?
-ingredients
-Labor
-Time
-Space
-Capital
How does scarcity affect customers?
-The prices increase leaving the customer to pay more
-Scarcity could lead to limited availability for certain products/items
-Waiting times due to the increase in high demand and labor shortages
How does it affect the store owner?
-finding and maintaining quality staff
-Navigating costs on ingredients and utilities
-Inventory management
-customer satisfaction
What are the scarce resources involved when running a cupcake store?
1) Baking supplies- The business may suffer from a lack of supply of the specific ingredient required for a specific flavour of cupcake.
2) Workers- If there is a limited amount of workers then the amount of cupcakes produced per day would be much less as opposed to more workers specialised in different fields for example you could have one worker frosting another baking etc.
3) Time- Consistently making cupcakes requires time therefore, it can lead to limited production.
How does scarcity affect customers?
-The customers desire of flavour may be unavailable at the current time due to the limited ingredients or time.
– The price of the cupcakes may increase because of the lack of supply of ingredients as well as the business may not be earning enough revenue.
How does scarcity affect the business owner?
– The owner may find difficulties finding workers in order to produce more cupcakes
– With a decreased amount of cupcakes some customers may not be presented with a variety of flavours which can lead to a decreased profit for the business.
What are the scarce resources involved in running a cupcake store?
-Time
-Money
-Ingredients
-Workers
-How many cupcakes in each flavor
How does scarcity affect customers?
-It makes the value of the cupcakes rise, resulting in customers having to pay more for the cupcakes
-Could cause there to be less of a certain flavor for the cupcake they would like
How does scarcity affect the business owner?
-Limited options as well as higher prices may decrease amount of customers therefore less cash for the business owner.
-On the other hand, the higher prices may bring in more money as long as the customers remain paying for the cupcakes.
What are the scarce resources involved in running a cupcake store?
.time management
.budget
.ingredients
.labor
How does scarcity affect customers?
.Customers might not be able to buy their preferred cupcake flavor
.Higher demand in supply from the customers may force them to spend more money
.The selling out of cupcakes will force customers to go to other buissnesses
How does it affect the store owner?
.The store owner will lose money due to his customer likely wanting to go to another seller because the store owner does not have enough suppy
What are the scarce resources involved in running a cupcake store?
.time management
.budget
.ingredients
How does scarcity affect customers?
.Customers might not be able to buy their preferred cupcake flavor
.Higher demand in supply from the customers may force them to spend more money
.The selling out of cupcakes will force customers to go to other buissnesses
How does it affect the store owner?
.The store owner will lose money due to his customer likely wanting to go to another seller because the store owner does not have enough suppy
What are the scarce resources involved in running a cupcake store?
– Ingredients and supplies needed for making the cupcakes
– Workers and staff
– The store
– How many cupcakes they are making
– Time
How does scarcity affect customers?
– How many cupcakes and flavors are available.
– The price of each cupcake.
How does it affect the store owner?
– How many cupcakes they are producing depends on how many workers they have.
– How much money they are making depends on the price of each cupcake. The prices might go up based on how much money they need to pay for resources.
1)What are the scarce resources involved in running a cupcake store?
It takes lots of time, money, and courage to start a cupcake shop…
2) How does scarcity affect customers?
Customers become reliant on this cupcake shop, which is good for the business. Thing like flavors and prices of the cupcakes play a role as well.
How does it affect the store owner?
It can affect the owner in many ways, such as time and their profit.
Scarce Resources-
1-Ingredients
2-Available Bakers
3-Money
4-Time
Scarcity Affecting Customers-
1-If there is no items that satisfies the customers, they are more likely to give up on eating the cupcakes.
2-If the resources are more scarce, the cupcakes will tend to have a higher price, which will cause customers to pay more, or lose the interesting in the purchase.
Affecting The Store Owner-
1- Higher prices will most likely lead to less customers attending the store, which will make the store owner lose profit.
2-If there are customers paying for a higher price, this will benefit the store owner, since he will be gaining profit.
3-With scare resources like bakers, ingredients, or time, the store owner will have more trouble on selling his products.
Scarce resources:
– Cupcake ingredients
– Machinery
– Time
– Money
Affect customers:
– Higher priced cupcakes because of ingredient scarcity
– Less cupcakes available because of scarcity of machinery and time
– Not many options, or not as great of quality in the product because of the scarcity of money
Affect the store owner:
– Less products sold because of product over pricing
– Or more profit for business owner because of the premium pricing
– Owner will need more money to keep quality high on his products, but money is also scarce, so the owner will run into problems with either having less products but high quality or having more products but worse quality
What are the scarce resourses involved when running a cupcake store?
Money/Capital (start up capital and working capital)
Employees/Labor (skill sets, salaries to pay)
Time (preparing, baking, and frosting cupcakes)
(didn’t put other resources like machinery, utensils and ingredients because they aren’t necessarily scarce)
How does scarcity affect customers?
Supply Constraints (If limited resources don’t meet customer needs, inventory may be low)
Price Fluctuations (limited inventory/supply creates a need for higher prices of cupcakes, which will likely increase the need for customer demand)
How does scarcity affect the business owner?
Increased Production costs (Can reduce profits)
Inability to produce cupcakes as otherwise would (will also reduce income and profit)
Scarce Resources:
– Cupcake Ingredients
– Machinery
– Time
– Money
Affect Customers:
– The business owners need to price their cupcakes high enough to be able to afford the ingredients, machinery, and truck expenses, however this might come at the cost of losing customers due to higher priced cupcakes.
Affect the store owner:
– If they are not able to balance this idea of the price of the cupcake vs. the cost of making the cupcakes then they will not be making any profit.
What are the scarce resources involved in running a cupcake store?
– ingredients
– equipment
– space
– time
– money
How does scarcity affect customers?
– not enough cupcakes
– not receiving cupcakes on time
– too expensive
– quality is not up to par
How does it affect the store owner?
– profits are affected
– customers might not be maintained
What are the scarce resources involved in running a cupcake store?
– Supplies for the cupcakes
– Money and expenses
– Workers to make the cupcakes
– Cost for advertising and marketing
– Best before expiration date
– Limited Time
– Seasonal flavors
How does scarcity affect costumers?
– If the cupcake is sold out or limited, costumers wont be able to purchase the cupcake.
– Lead to higher prices making it harder for the consumer to afford.
– Costumers could receive low quality cupcakes making them unsatisfied.
How does this effect the store owner?
– Will cause limitation to how many cupcakes the store can produce.
– Costumers will not be satisfied and that will affect business and profit.
What are the scarce resources involved in running a cupcake store?
1. Developing a unique cupcake
2. Funding to cover the startup cost
3. Obtaining the necessary licenses and permits
4. Labor and time
5. Ingredients; flour, sugar, butter, etc.
How does scarcity affect customers?
1. Price of the cupcakes: when the ingredients are hard to find, the price of the cupcake will increase
2. Variety: when ingredients are limited, there is less of a selection for customers to choose from
3. Availability: customers can be disappointed if they are not able to acquire their favorite cupcake
4. Quality: if you have to use inferior ingredients, the quality of your product will suffer, and so will the sales
How does it affect the store owner?
1. Higher ingredient cost: higher costs will affect the bakery profits
2. Strategic decisions need to be made: the store owner will need to make decisions concerning things like changing the recipes and potentially using different suppliers
3. Profits: in order to maintain the high quality cupcakes, the store owner may need to have less profitability or increase the price of the cupcakes
1). What are scarce resources involved in running a cupcake store?
– Labor, to run a successful cupcake store it needs to have skilled bakers and staff. Finding the right employees for the business can be challenging.
– Equipment, cupcake shops need to get equipment that is specialized for baking. These items may need maintenance or to be replaced.
– Ingredients, you need to have quality ingredients that would entice customers to come again.
– Licenses you may need to get.
– A place for the cupcake shop. There needs to be an area to sell the cupcakes and/or make.
2.) How does scarcity affect the customer?
– Availability, with a scarcity of resources like ingredients or equipment it could affect the customers experience because the cupcake shop might not be able to fulfill orders.
-Quality, if there was a scarcity of key ingredients typically used in the cupcake shops cupcakes then it could impact the customers experience from either noticing a change of presentation and/or taste if the cupcake shop may need to use substitutions.
-Price, if there are increases in prices due to shortages of key ingredients this could alter the customers experience.
3.) How does it affect the store owner?
-Costs, like mentioned previously when there are scarcities of ingredients the costs of these products will increase. So the owner has to make a hard decision where either they lose money by not increasing prices to match what they are spending on materials or they can increase their price and risk losing customers over raised prices.
– Store competitiveness, if resources continue to be scarce then the store owner may face challenges with competing with fellow businesses that may have an advantage to resources.
– Quality control, with being a owner there needs to be consistency in quality and efficiency to create a good experience for the customer.
– Innovation, if there are shortages in resources then the store owner will need to overcome these challenges with things such as using alternative ingredients.
i think our schools are all using the same teacher resources.
1.) What are the scarce resources involved in running a cupcake store?
– Ingredients
– Labor
– Location
– Permits/licenses
– Equipment
– Expiration date
– Cost of advertising
How does scarcity affect customers?
Scarcity affects customers because if the owner is unable to find enough resources, the customer will not be able to buy a cupcake. Furthermore, if only s few cupcakes are able to be made, the price will go up for each cupcake.
How does it affect the store owner?
When there is a scarcity of ingredients the owner will have to pay more for the ingredients that they can get. Additionally, scarcity of locations could affect how many people come to the store and if there are other competing cupcake shops nearby. Lastly, if the owner is only able to make a few ingredients but they expire by the time someone wants to buy them, they will lose a lot of money.
what are the scarce resources involved in running a cupcake store? 1,food 2,flavor 3employees 4,packaging 5decorations
How does scarcity affect customers? – Customers may choose to support other shops – Customers may not be able to purchase a cupcake of their choice if it is limited and sold out for the day – Cupcakes may not taste the best if the quality of the ingredients are poor
3) How does it affect the store owner? – Store owners would have to think of new types of cupcake every season – Need enough capital to start the business and working capital to operates the business – May have low reputation as they are an entrepreneur that just started making cupcakes – Need to be able to keep fresh food and grow reputation
Cupcakes are becoming a very popular competitive market.