| Word | Meaning | Example |
|---|---|---|
| supply | the amount of products or services available in the market | Supply how much of something is available. |
| demand | the number of consumers who wish to buy particular goods or services | Demand is how much of something people want. |
| basic | fundamental; forming an essential foundation | One of the most basic concepts of economics is Supply and Demand. |
| concept | an abstract or general idea inferred or derived from specific instances | One of the most basic concepts of economics is Supply and Demand. |
| separate | standing apart; not attached to or supported by anything | These are really two separate things, but they are almost always talked about together. |
| available | obtainable or accessible and ready for use or service | Supply is how much of something is available. |
| luxury | something that is an indulgence rather than a necessity | For example, if you have 9 luxury cars, then your supply of luxury cars is 9. |
| measure | determine the measurements of something or somebody, take measurements of | It sounds a little bit more difficult to measure, but it really is simple. |
| notice | the act of noticing or paying attention | Did you notice that the luxury cars supply was one more than its demand? |
| equal | having the same quantity, value, or measure as another | Did you also notice that the yachts supply was equal to its demand? |
| compare | to examine similarities and differences | And you can track both supply and demand by comparing the price of an item over time. |
| relationship | a relation between people; (`relationship' is often used where `relation' would serve, as in `the relationship between inflation and unemployment', but the preferred usage of `relationship' is for human relations or states of relatedness) | Now, how do you show the relationship between the two? |
| product | an artifact that has been created by someone or some process | Because the seller knows he or she can get more money for the product because it is in demand. |
| style | how something is done or how it happens | When the new style of basketball shoes comes out, everyone wants the new sneakers. |
| stock | a supply of something available for future use | The seller still wants to sell the older footwear, since he or she has a lot still in stock. |
| track | to follow something, typically in order to find it or its location at different points | It means that you can track supply and demand by also tracking price. |
| item | a distinct part that can be specified separately in a group of things that could be enumerated on a list | If something has a high price, you can usually conclude that the demand for that item is low. |
| reverse | change to the contrary; opposite | The reverse can also be true. |
| raise | move upwards | If the bookseller decides that he wants to get as much money as he can back, then he might raise the price of the boxes to $10 each, figuring that he will sell fewer chocolates overall but will get more money for each box he sells. |
| overall | including everything | If the bookseller decides that he wants to get as much money as he can back, then he might raise the price of the boxes to $10 each, figuring that he will sell fewer chocolates overall but will get more money for each box he sells. |
Exercise
Open the exercise to begin the activity. Follow the instructions in the document.