Supply and Demand (see transcript attached)
A universal concept covered in any economics class is the impact of supply and demand. The text defines demand as a schedule or a curve which shows the various amounts of a product consumers are willing and able to purchase at each of a series of possible prices during a specific period of time. Supply is defined as a schedule or curve showing the various amounts of a product producers are willing and able to make available for sale at each of the series of possible prices during a specific time. As indicated in both these definitions, supply and demand intersect at price determination. A clear example of this section is when supply is high and demand is low, price is usually low. When demand is high and supply is low, price is usually high. All of which is based on the consumers’ or businesses’ willingness and ability to conform. This concept is obvious in many areas, such as gas, or the sale of hot ticket items during the Christmas season, or the gradually increasing cost of Super Bowl tickets in December to February. Can you provide some other examples?
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