Supply and Demand
The concept of supply and demand permeates
every facet of the free enterprise system. It was
the driving force that brought America into the
20th century and was the essential economic
ingredient as the United States reached world
power status. In today's global economy, major
economic changes in one country can send ripple
effects around the globe. Understanding this
concept also helps to understand the different
market systems of the world and how they relate
to one another.
Students will be able to:
Define the terms supply and
identify the forces affecting
supply and demand.
list the determinants of supply
restate the law of supply and the
law of demand.
How does the supply or demand for goods
and services affect your community?
What factors are important in determining
where a retail business should be built?
What factors are necessary in deciding
what stores shall be in a shopping mall?
• free enterprise
• law of supply
• law of demand
• factors of production
• retail business