Supply and demand are concepts we see all around us every day! Let’s look at some real-life examples:
Pricing: When a new iPhone comes out, lots of people want it. This high demand makes the price go up.
Sales and Discounts: Stores often lower prices on items at the end of a season to attract more customers and boost sales.
Market Entry: New businesses check how much people want their product before they start selling it.
Understanding supply and demand is important. It helps businesses succeed and gives consumers better choices! It's really interesting to see how these ideas influence our economy!
Supply and demand are concepts we see all around us every day! Let’s look at some real-life examples:
Pricing: When a new iPhone comes out, lots of people want it. This high demand makes the price go up.
Sales and Discounts: Stores often lower prices on items at the end of a season to attract more customers and boost sales.
Market Entry: New businesses check how much people want their product before they start selling it.
Understanding supply and demand is important. It helps businesses succeed and gives consumers better choices! It's really interesting to see how these ideas influence our economy!