Supply And Demand Essays (287 words) - Economics, Economy, Demand

Supply And Demand Supply & Demand In this article it went into great detail about Supply , Demand and Equilibrium of Pokemon Cards. The article explained how during Christmas there was a flood of Pokemon Cards to the Market Place - the area within which buyers and sellers of a good or service interact and engage in exchange. It stated how the Supply - set of quantities of a good or service per unit of time that sellers would be willing to place on the market at various alternative prices of an item or other things being equal , increase rapidly this being called a Supply Shock. It then went into details that if the market was flooded with these Pokemon cards at Christmas the n the price value of the cards would drop. But not necessarily because of Demand - amounts of a product that consumers are willing and able to buy at each price in a set of possible prices at a time. If the kids that received Pokemon for Christmas are new to the market then there might be a shift in demand, unlike the kids that have already been into the market with Pokemon Cards. So there could be a rise in the price or a decrease depending on the demand. The article illustrates greatly on the Quantity Supplied - amount of a good or service that people are willing to sell, Quantity Demanded - amount of a good or service that people are willing to purchase. Supply Curve - as prices rise the quantity that people are willing to sell rises (Law of Supply). Demand Curve - as prices rise the quantity that people are willing to buy falls (Law of Demand). Equilibrium - reached when supply equals quantity demanded. Economics Essays