Microeconomics and You



Reflection on Lesson
• Now that you have viewed the videos that show how products are produced and taken to market. It makes it easier to visualize the affect of outside forces (weather, bugs, advertisement, news reports, etc) on supply and demand. These conditions will affect the price and market.
• Let’s review DEMAND is how much a product or service that we as consumers want. SUPPLY is how much of the product or service producers/providers can offer to the MARKET.
• The price is determined by the relationship between SUPPLY and DEMAND. If there is a shortage of SUPPLY and DEMAND is high. The PRICE will be higher.
• If there is excess SUPPLY the producers will have to lower PRICES. The lowering of PRICE will increase the buyers.
When either supply or demand changes the price will change and affect the overall market.


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