Wednesday, May 20, 2009

Economics- supply and demand

Today we watched this movie about economics and found out a lot about it. One thing is about supply and demand. We found out that supply is the amount of product made based on how much the producer thinks he/she will sell. And then the demand is how much the consumer or purchaser wants this product. So if the demand goes down so does the supply, but then if the demand goes up the price will to. If there is say a chart, and it had the supply and demand marked. and when the supply and demand like intersect it is called a equilibrium point.

To find out more information follow this link

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