Overview
Supply and demand is a core principle of economics. They also apply to nearly all other economic principles in some way, and a whole host of variables affect supply and demand. So, for our first topical discussion, we'll focus intently on S&D given how important it is to nearly all other topics you'll learn in this course:
- Define supply and demand.
- Explain how supply and demand helps to determine the price and quantity of a product in a market.
- Describe the reasons for changes in supply and demand and how those changes impact the supply and demand curve.
- What are the upsides and downsides of supply and demand, from a consumer perspective, as it relates to price and product availability. (Use personal examples to support your thoughts!)
the key economic principle of supply and demand, include in your post how you think supply and demand impacts you as a consumer