Today you are going to look at different factors that create supply and demand. Follow each step and answer all questions on your own sheet of paper. If you have any problems please ask me for help. When you are finished please turn in your paper to me.
Introduction:
Access the following link; Supply and Demand
1. What is supply? Provide an example of supply.
2. What is demand? Provide an example of demand.
Part 1:
Access the following link; Supply and Demand of Oil
3. After reading the article, explain in your own words how supply and demand for oil is changing. Additionally, address what may be causing the increase in prices. At least 2 sentences!
Part 2:
Access the following link; Supply and Demand of College Football Tickets
4. After reading the article, explain in your own words, the supply and demand of college football tickets. At least 2 sentences!
Part 3:
Access the following link; Interactive Supply and Demand
Once you have read the information in regards to demand and supply, use Diagram 1 to answer the following questions listed under Get Interactive.
5. What would happen to quantity demanded in the following cases?
Price rises to 8.
Price rises to 9.
Price falls to 3.
Price falls to 1.
6. Scroll all the way down to the bottom of the page and click Part 2. Choose one of the factors affecting the level of demand from the drop down menu.
i. While moving the slider towards the + and -, pay attention to what is happening with price and quantity demanded. In your own words, describe what you are observing. What happens to the quantity demanded and the price?
