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Supply And Demand Essay

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Supply and Demand
How does supply and demand go hand and hand together, to find out you must know what supply and demand is. Demand is when one has the ability and the willingness to buy a good. There are three factors that are needed for demand, the first factor is people must want the good, if no one wants the the good the demand for the good will be low. The second factor is the willing to buy the good and the third factor is the ability to buy the good, if the economy is bad no one will have the money to buy the good and the demand will be low. There is a law of demand, there are two parts to this law, the first part is when the price of a good is high people will want to buy less of the good or none of the good. The second part is if the price of the good is low people will want to buy more of the good, a good example of this is black friday. On black friday products that people don't buy because it usually cost a lot of money sells very good because the price is lowered a significant amount.
Supply is the amount of a good that the producers can make if able or willing to make the good. A good …show more content…

One of those topics is elasticity or elastic and inelastic, which both supply and demand both have but there are some differences. Demand elastic is when the price of a good that nobody needs is high no one will buy the good, but when the price is lowered more people will want to buy that good, a good example of this is a car. Demand inelastic is when the price of a good goes up that you need, the demand will not go down because it does not matter how much it cost people will still buy it because they need it, a good example of this is gas. Supply elastic is different from demand elastic, supply elastic is when the number of a good produced changes because of the price of the good. When a certain good is inelastic, the price of that good will not change how many of that good are

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