SWS Sample Paper: The Aerospace Industry
Maria Young SWS100
July 31, 2020
The Aerospace Industry
The aerospace industry plays a critical role in the economy as it is a major mode of
transportation for professional and personal travel. According to Business Insider journalist,
Frank Holmes, there are many airline companies, and the seven largest U.S. airlines include
Delta, Southwest, American, United, Alaska, JetBlue, and Spirit (1). Although airline travel is
an efficient way for individuals to connect, with advances in technology there is some decline
in travel for business purposes. The airline industry's future is closely related to its
development of goods and services, significant technological and economic factors, and critical
Goods and Services
The airline industry provides a service in that it enables passengers to travel using
different types of planes and routes, based on different airlines. More airlines are also starting
to sell additional goods and services such as credit cards with airline miles, with the goal that
this will create loyalty to travel with a specific airline company. With respect to the service
provided by airlines, individuals will also see differences in price values based on their travel
preferences, such as the time of day, location of travel, type of aircraft, seating preferences
(first class versus economy), number of stops, and how early or late the flight was booked.
There are also additional factors that would impact the goods and services provided within this
industry because travel can be either domestic or international, and longer flights often provide
more services and amenities.
There are many economic concepts that relate to the airline industry, but this brief will
focus on the Law of Supply and Law of Demand. The Law of Supply would imply that airlines
have the goal of maximizing their profit by having more flights running and charging a more
expensive price. Also, these airline companies would not want to send empty flights, so they
would also try to find flight times that might maximize their number of passengers per flight.
The Law of Demand would imply that customers will travel more if prices decline and are
There are often last-minute sales from the airline companies that are posted online with
the goal of encouraging more individuals to travel, since the price was reduced. Although
airlines will not receive full price on this individual’s ticket purchase, it will still help them to
reach their flight capacity. Another important economic concept that stems from these ideas of
supply and demand is competition. As prices and travel options fluctuate, individuals may look
at different travel alternatives or different airlines to reduce costs, leading airline companies to
evaluate their prices daily in comparison with competitor’s rates.
Currently, there are over “42,000 flights and 2.5 million passengers” (Federal Aviation
Administration, 2). However, one notable trend over the past decade is an overall decrease in
business travel, as seen in the visual below from Snyder (3):
In conclusion, as technology continues to advance, it will be interesting to see
what happens in the future, especially as both first (or business) and economy class
travel are on the decline.
1. Frank Holmes. 2016. These Are the 7 Biggest US Airlines.
2. Federal Aviation Administration. 2017. Air Traffic by the Numbers.
3. Brett Snyder. 2009. December Premium Air Traffic Down More Than 13 Percent.
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