Supply- Economics Essay

283 WordsApr 16, 20132 Pages
Ali Jamil Economics 10A Ms.Manney 6-15-12 Business Fair Project Supply is the quantity of goods and services that producers are willing to offer at various possible prices during a given time period; we represented this by giving the consumers two bags for the price of one sometimes. Demand is the amount of a good or service that consumers are willing and able to buy at various prices during a given time period; we represented this when we raised the price to $5.00 a bag. Market equilibrium is the point at which the quantity supplied and quantity demanded for a product are equal at the same price; we had four bags left and four people wanted them. The price system has benefits and limitations. The benefits are that it provides information, which producers and consumers can gather information through the price system; incentives, which encourages you to behave in a particular way; choice, which increases the choices in the market; efficiency, which is a key benefit of the price system; and flexibility, which is one of the price system’s greatest strengths: its ability to deal with change. What I would do differently next time is sell other things with the candy bags like a bracelet or necklace. My group worked really well with me; we were all open for each other’s opinions. The actual sale experience gave me a first look at what’s coming for the future; and I learned that I have to have fair prices and manage my time well. Demand Supply As demand went up, supply went down. Supply Price As price went down, supply went down. Demand Price As price went down, demand went
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