Supply and demand is what drives product sales in a capitalist system. If a product is in great demand, then the value of the product is increased in order to meet that demand, and if a product is over-supplied, then its value is lessened because of over-availability. Go ahead and complete the following practice on what supply and demand can mean based on our classroom conversation of the hot dog stand.
To Complete:
1. Participate in class discussion on demand and detriments.
2. Utilizing internet, complete the above ‘sheet’ on your own sheet of paper.
3. Give me what you did.