Lesson 35 of 84 · Economics
⭐ 30 XP⚓ Market PortSupply and Demand
Supply and demand are two important concepts in economics.
🎯 Your mission
Spot the cost behind the price.
⚡ The twist
Trade isn't just stuff — it's ideas, words, and germs.
Mind = Blown
🤯 The first stock exchange was in Amsterdam in 1602 — for spices.
Then & Now
💱 Every receipt you've ever seen has this idea inside it.
Supply and demand are two important concepts in economics. Supply refers to how much of a product or service is available, while demand is how much people want that product or service. When the supply of an item is high and the demand is low, prices usually go down. Conversely, when demand is high and supply is low, prices tend to go up. Understanding supply and demand helps us see how prices change in the market.
Key Facts
Supply is how much of a product is available.
Demand is how much people want a product.
Prices can rise when demand is greater than supply.
Check Your Understanding
Question 1
1 of 2What does 'supply' refer to in economics?
Why this still matters
The next time you spend $1, ask: who else benefited besides you?
Stretch Challenge
Try this in real life this week.
Track every dollar you spend or get this week. Then figure out the pattern.
For the dinner table
“If you had $20 to start a business, what would you sell?”
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