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Essay On Demand And Demand

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Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how of a product or buyers desire service. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much have a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand. The Super Bowl for starters is according to thefreedictionary.com, an American football, the main championship game of the sport, held annually in January between the champions of the American Football Conference and the National Football Conference. Each …show more content…

Exactly how is demand used for the benefit of the consumer? Well the demand used by how much consumers are willing to spend on a particular product at a given time. Demand is more needed for the producers to how much of a product to supply at a given time. They can use that to their advantage by having a limited stock and jacking up the prices. The way that the consumer can use it to their advantage is by lowering the demand all the way around so that the prices of the goods will go down, due to the producers having a surplus of that product in their store. For instance, according to SeatGeek the average price of a super bowl ticket is $3,480. While the tickets can have an inflation of up to $449,645, depending on the seat. In theory if consumers was to lower their demand for the super bowl tickets the price would go down due to the surplus the producers have in

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