On Friday 6th May, a group of Economics and Design & Technology students went on a trip to Camden Market.
For the Economics students, this was a chance to see the theory we have been taught in a real life situation. Groups of us were given an investigation into various sections of the market - for example, one group was given questions on the jewellery stands.
This included finding out how many stalls there were, and interviewing the owners about the competition they faced and what they had to do to enter into a market like this.
From our findings on this particular example, it was easy to see that in the case of jewellery, Camden Market provided a near accurate representation of the theory of Perfect Competition. Not only did it show us these real scenarios of where our theories come to life, but it helped us better our understanding of them, by enabling us to think of examples when facing problems on these theories.
For the Design Technology students, we had a chance to find real life examples of pricing strategies, innovation products and classic designs. We could apply the theory we had learnt to real products and situations. From our findings, we could find many examples of design classics, of demand, competitor based, product line and psychological pricing, and some of the investigations we explored interlinked with the economics theory. This helped us expand our knowledge of the subjects and apply to real life examples.
By Shalaka and Emma (Year 12)