supply & demand
Post on 20-Jan-2015
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Understanding Economy
• Price – is the amount of money given or asked for when goods and services are bought or sold.
What is Price?
• Supply – the amount of goods and services that producers will provide at various prices.
Supply
If consumers are willing to pay more
for a good or service
Then sellers are willing to supply more of that
good or service
• Demand – is the amount or quantity of goods and services that consumers are willing to buy at various prices.
Demand
Consumers are willing to consume more of a good or service at a
lower price
Equilibrium Price
• Equilibrium Point/Price – is the point at which the quantity demanded and the quantity supplied meet.
The Lemonade Stand
http://www.primarygames.com/socstudies/lemonade/start.htm
How well can you balance supply and demand?
Ms. Mahoney’s final profit =
$107.45!
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