yoghurt ice cream store after 'A' levels exam PDG 2712

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Yoghurt Ice Cream store after 'A' levels PDG 2712

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Factors to consider when setting up a Yoghurt Ice Cream store.

Factors affecting supply of yoghurt

Cost of production

Due to the high demands of milk recently, the price of milk have increased. Since milk is a factor of production for yoghurt ice-cream, the cost of production of it has increased. Given that the amount of resoures i.e. Milk decreased, less amout of yoghurt ice-cream would be produced.

Prices of related goods ( Goods in competitive supply)

Goods that are in competitive supply with Yoghurt Ice Cream would be Cheese, Ice cream , butter etc. This is because they require the same raw material, milk. Hence, iif the price of these related good changes, producers will divert more or less resources to the production of yoghurt ice-cream. This would affect the supply of the yoghurt ice-cream.

Natural Factors

Since one of the raw materials come from goats and cow, hence the change in the environment of these animals can affect their survival rates etc. For example, is a plague occured, many of these animals would be killed, and thus less milk would be produced. As a result, the supply of yoghurt ice-cream would decrease.

Factors affecting demand of yoghurt

Set up yoghurt ice cream store after 'A'levels?

unlimited wants

set up ice cream stall

go university

resources (imputs) these are limited

Leads to scarcity, which is the situation where there is an excess of human wants over what can actually be produced

Human choice has to be made. This is to satisfy human wants. Given that everyone can maximise their own self-interest, which option would allow for a higher level of satisfaction? Going to university or setting up an ice-cream store?

should i decide to set up a yoghurt? how should i go about doing it?

What to produce?

Yoghurt ice cream

How to produce ?

using machines or manual labour?

For whom to produce?

For those that are willing and able to pay,generally the middle and higher income group

When a choice is made,a sacrifice would also be made at the same time.This is also known as opportunity cost,which is the cost of any decision measured in terms of the next best alternative forgone.For example,should i decide to set up a ice cream stall,the opportunity cost would be the satisfaction derived from going university

Resources to go university

Time,Energy,Labour

Resources to set up yoghurt ice cream stall

Time,Energy,Labour,Capital(machines)