Prior to today, I was oblivious to the interaction between supply and demand. As I took a quiz today, it was a revalation to know that even if I wanted oil for my everyday use, I would not get it. That simple. Goods and services are only given when there is demand. Demand will not be coming from my part any time soon because I must first possess sufficient wealth or income. As a full time student all I have going for me are endless expenses. My income can only go so far and it will not increase any time soon. Meaning I have no other choice but to cope with limited everything! I must now purchase other goods that still satisfy my needs but are not the 'ideal' ones. However, I must also depend on supply. Sellers only take action when they are willing and able to supply goods. I, as a buyer compared to a seller do not always think alike. When prices increase I get discouraged to purchasde but a seller's willingness and ability to offer goods increases. Complicated, right? However, the interaction between both was made clear. The solution that both need to control the market will be to have equilibrium. The quantity demanded must be equal to the quantity supplied. PHEW, whoever said knowledge could solve problems should be questioned. Living with shortage of oil is just plain complicated! Really.
Source: Tree Hugger
Source: Tree Hugger
WOW girl you made supply and demand very understandable you explain yourself very well. I totally agree with your solution, it so true. You do not have any idea how many things I had to stop purchasing because the sellers increase the price. Overall your whole explainnation is very well explain, but you forgot to include the surprising thing you found in the the oil quiz. You should go and edit it, your link source works so you do not need to work on that. GOOD JOB =)
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