The Invisible Hand: Changing Markets
Describe a business that used to operate locally when you were young, but no longer operates/exists today. Additionally, provide an example of a business that operates locally today, that did not operate/exist when you were young.
Be specific in describing the nature of the business that no longer operates, and the customers they used to serve.
What happened in the market that caused the demand for their product to decrease?
Is there a newer and better substitute product that contributed to the decrease in demand?
Provide a counter-example of a business that does operate today that did not operate/exist when you were young.
It is possible that the new business replaced the old business, but that does not have to be the case.