In the movie Charlie and the Chocolate Factory, Willy Wonka, the owner of the world known chocolate factory, decides to give out five golden tickets packed in the chocolate bars he produces. Winners of the golden tickets can go into the factory for a one day tour. Charlie Bucket, coming from a poor family, surprisingly finds the last golden ticket and goes into the factory for an amazing life changing tour. I found a few economic ideas throughout this movie, such as supply and demand, substitution effect, opportunity cost, and scarcity. I will explain how these principles were used in the movie.
             In "When Shelf-Based Scarcity Impacts Consumer Preferences," Parker (2011) analyzed how scarcity affected people's choices. I used this information to describe how scarcity was presented in Charlie and the Chocolate Factory. In "Consumer demand for chocolate stays sweet," Mintel research group analyzed the market demand and gave out the sales report of the UK chocolate industry. I used this information to support my analysis of the use of supply and demand in the movie. In "Rolling up the rim to success," Moskowitz (2011) described the promotion method used to maximize company's profit. I used this as an example to support my ideas on consumer's buying incentives.
             Scarcity was presented in the first part of the movie. The factory owner, Willy Wonka, gave out only five tickets in the millions of chocolate bars. According to Sowell (2003), a famous American economist, "The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it" (p.138) . In "When Shelf-Based Scarcity Impacts Consumer Preferences," Parker (2011) said that scarcity affected product's attractiveness: "Scarcity increases consumers' preference for desirable, but not undesirable goods. Potential causes of scarcity effects include reactance and, naive eco...