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Supply and Demand in Everyday Life
Transcript of Supply and Demand in Everyday Life
Supply and Demand
The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. Supply and Demand is based off of scarcity along with the various wants and needs of people in the world.
On a freeway, the desideratum for everyone to get to work at a certain time causes a pile-up of cars. The supply in this situation would be the number of lanes available on the freeway, while the demand is the time people need to be at work, school, etc.
On the Gridiron?
There is a supply and demand for almost everything in the world, even on the football field. The supply would be the amount of positions available to the demand of the positions necessary to be filled.
In a College?
For colleges, the supply would be the amount of seats in a class or housing available for students, while the demand is the prerequisites required to get into that college, such as GPA, cost, and SAT/ACT scores.
At the Movies?
A basic supply and demand predicament in a movie theater would be the supply of seats to the demand of the movie shown
The price for a movie ticket on a Friday night is most likely going to be more expensive than the cost of a movie ticket on a Tuesday morning. The demand for a movie on Tuesday morning is significantly less than a Friday night.
Shortage plays a Brobdingnagian role in supply and d
If there is a shortage
ing in the market, the de
that item is going to be
Real estate has a different effect with supply and demand than other goods in the world. Attempting to buy a house in the middle of Indiana is going to be much cheaper than buying a house on the coast of California. The demand in this scenario is location, because location is considered a prestige in the world, and the supply would be the houses available for purchase.