For longer than I have been alive, there has been an issuing for people to get some sort of food storage in case of an emergency. I am not saying that it is not a good idea to have food storage; it’s just that some people that store food might not ever be able to use it in some cases of disaster. Let’s look at a perfect example, St. George, Utah. Flood victims lost more than just personal items; some lost their food storage.
Buying goods is a normal action people interact with day-by-day. The demand of a good becomes sensitive when people buy a lot of that particular good. So, if people only bought what they needed instead of buying more, would the elastic price of a popular item become less sensitive from lack of demand?
In my personal opinion, the buying power people have today will only become better. In other words just because people may buy a lot of one particular good, does not mean stores will increase the price to make a higher profit. When I say that our buying power will only become better, I mean that through technology we [the world] will find new ways to produce goods at a faster rate and less expensive for the consumer. The more we as consumers buy, the more the world will produce, and the more we will help the economy as a whole.