Supply and Demand

Introduction

Having a surface-level understanding of basic business procedures can help you frame an understanding of the financial world around you. Becoming an entrepreneur and owning your own business is on the rise. Many adults find a way to supplement their income by selling a product or service to others. Understanding supply and demand is fundamental to the success of your business. Even as a consumer it is important to know to make sure you are being charged fairly.

Supply and Demand Video

In Your Notebook: Watch the following video and take down important notes, such as formulas. Pause the video at times to attempt the practice examples on your own before viewing the solutions!

Summary

Click through the interactive activity below for a summary of what was taught in the video.

Surplus and Shortage Practice

The graph in the interactive activity shows the supply and demand of a new product. Match the product's price with the results and click on the checkmark on the bottom right to check your answers!

Supply and Demand Practice

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