These are the human resources that make goods and provide services.

These are the people who buy goods and services

This is how much of a good or service people are willing to buy at a certain price.

This is the price at which the number demanded by buyers equals the number supplied by producers.

How are prices set in a Market Economy?

What happens to the price of a good when the supply decreases?

What happens to the price of a good when the supply increases?

To try to make more money, NIKE raises the price of Air Jordan shoes from $100 to $200. What will happen to the demand for Air Jordan's after the price increases?

On the Silk Road in China, merchants start selling silk fabric at a lower price. What will happen to the demand for Silk after the price decreases?

Producers of the Apple Smart Watch have more watches than people are willing to buy at the current price. What should Apple do in order to increase the demand for Smart Watches?

The Middle East has a surplus of oil. Shipping lanes between the Middle East and Asia are blocked. What will the impact be on the supply of oil in Asia?

The Middle East has a surplus of oil. Shipping lanes between the Middle East and Asia are blocked. What will the impact be on the price of oil in Asia?

New oil fields are found in China. What will the impact be on the supply of oil in China?

New Oil fields are found in China What will the impact be on the price of oil in China?

War in the Middle East disrupts the production of oil. What will the impact be on the supply of oil in the Middle East?

War in the Middle East disrupts the production of oil. What will the impact be on the price of oil in the Middle East?

A severe drought in China has agriculture difficult and rice has become scarce. What will be the impact on the supply of rice in China?

A severe drought in China has made agriculture difficult and rice has become scarce. What will the impact be on the price of rice in China?

In 1913, the Ford Motor Company started using assembly lines to build their cars. Ford's workers could build a complete car in 93 minutes on the assembly line. Before then, it took workers many hours to build a single car by hand. How did this impact the supply or cars in America?

In 1913, the Ford Motor Company started using assembly lines to build their cars. Ford's workers could build a complete car in 93 minutes on the assembly line. Before then, it took workers many hours to build a single car by hand. How did this impact the Price of cars in America?

A fire at a papyrus making factory in Egypt has destroyed much of its papyrus scrolls. How did this impact the supply of papyrus in Egypt?

A fire at a papyrus making factory in Egypt has destroyed much of its papyrus scrolls. How did this impact the Price of papyrus in Egypt?

A disease has killed many silk worms in China. How did this impact the supply of silk in China?

Indian industries have discovered a way to make steel and iron faster through an advanced Metallurgy process. How did this impact the supply of steel in India?

Indian industries have discovered a way to make steel and iron faster through an advanced Metallurgy process. How did this impact the Price of steel in India?

Mesopotamians developed irrigation systems to produce agricultural goods. How did this impact the supply of wheat in Mesopotamia?

Mesopotamians developed irrigation systems to produce agricultural goods. How did this impact the Price of wheat in Mesopotamia?

A forest fire has destroyed over 5,000 acres of trees in India. How did this impact the supply of paper in India?

A forest fire has destroyed over 5,000 acres of trees in India. How did this impact the Price of paper in India?