2. What is Supply and Demand Demand- When the consumer is willing to buy a product for the good and service Supply- When the amount of the product is available and what the businesses are willing to provide Supply and Demand- An economic system in which an economy can fail or thrive, depending upon the products and services available for consumption.
3. Supply and Demand affect prices on a regular basis when consumers are buying a product rapidly the price will increase, as the same in reverse.
4. Wants or Needs Cereal (18 oz bag): Want- in 1999 it was $1.20, in 2008 it was $3.50 and in 2009 $3.99 Kellogg General Mills Misc. Brand Would you buy Cereal in a Recession/Depression?
5. Bread (reg.): need- in 1999 was $.95 in 2008 was $1.05 and in 2009 $1.09 Franz Sarah Lee Wheat Montana Generic brands Would you buy bread in a Recession/Depression?
6. Eggs (by the dozen): need- 1999 was $.50, in 2008 $1.20 and in 2009 $1.99 Generic Brands Organic Eggs Egglands Best Would you buy eggs in a Recession/Depression?
7. Quantity If the quantity of the item were to double, and the supply and demand were to rise with the amount of production the price would boost. And Vice Versa.
8. By: Connie Allsop Cassity Patterson Kristen Partridge Maria Ramsey
