Social Studies, 25.03.2021 01:10 Jasten

Understanding the laws of supply and demand are central to understanding how the capitalist economy operates. Since we rely on market forces instead of government forces to distribute goods and services there must be some method for determining who gets the products that are produced. This is where supply and demand come in. By themselves the laws of supply and demand give us basic information, but when combined together they are the key to distribution in the market economy... price. Market or Equilibrium Price: Now that we have covered both demand and supply we have to combine both together. The place where what sellers are willing to sell for and buyers are willing to buy for is called market or equilibrium price. This is the price the product will sell for. Price is negotiation between the buyers and the sellers. To figure out price one has to graph the supply and demand on top each other.

Create a graph supply and the demand curve and determine the "market price" that both demand and supply would dictate. Your grade is based on your graph and the correct answer of the "market price"

Understanding the laws of supply and demand are central to understanding how the capitalist economy

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