Question

In the last Section, you learned a great deal about demand and supply. You observed how they operate, why they operate as they do, and what forces beyond price influence the two. However, economics is not a discipline that is solely for use within a book. In this Lesson you will research real-life examples to illustrate what you have learned.
Just as exercise keeps you in good physical condition, improving yourself at school or work will enhance your performance. Seek ways to hone existing skills, learn new skills, and increase your knowledge. The discipline you develop in the process will help you meet new challenges.

Become an expert at your job. Obtain certification if possible.
Attend training that will increase your knowledge of the industry. The more you understand your role in relationship to the whole process, the more effective you can become.
Cross-train with others in order to increase your versatility.
Read widely, particularly in your area of expertise.
Glean knowledge from experienced coworkers, and apply what you learn.
Take care of yourself physically with a good diet and regular exercise. If you feel good, you will more likely improve the quality of your work.
Using the internet or whatever source you have readily available to you, you are to search for examples of increase and decrease in demand within your state, within the country, and internationally. You are to do the same with supply—state, country, and international. This can be accomplished in several ways. One way is to search for issues of demand and supply in each area. However, another way could include searching for the various factors that affect demand and supply. For example, if you see that violence is erupting in Iran or Greece, think about each country’s major exports. There is a chance that such violent actions could impact the supply of that export for the rest of the world.

Answer 1

Answer: In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good

Explanation: