Supply and Demand
Basic introduction to the law of supply and demand and how relative levels of each affect prices of consumer goods.
• Student will be able to describe the relationship between supply and demand and its effect on the price of consumer goods.
Have you ever gone to the cupboard to find there are no cookies left? Have you and a friend ever argued over a toy? If your answer is ?Yes,? then you already know something about supply and demand.
Supply is how much of an item there is. For instance, if a store has 10 toy cars to sell, their supply is 10.
Demand is how many people want to buy something. If 10 people go to that store to buy one of those toy cars, everyone will get one.