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Economics Class

October 2, 2014 @ 2:00 pm - 2:45 pm

Session Goal: Introduce the laws of supply and demand

Concepts: Supply; demand; equilibrium price

Supply is how much of something is available.  Demand is how much of something people want. The laws of supply and demand can be used to show the relationship between producers and consumers.  Prices are used in the market to help producers and consumers communicate with one another.  If the supply of a product matches the demand for the product, the price is said to be at equilibrium and the quantity supplied will match the quantity demanded.  If the price of a product is too high, supply will exceed the demand and there will be a surplus of goods or services.  If the price of a product is too low, demand will exceed supply and there will be a shortage of goods or services.

 

Details

Date:
October 2, 2014
Time:
2:00 pm - 2:45 pm