Title: Explain the concept of supply and demand.
Course: Make It Your Business (12151-36) > Section: Exploring Private Enterprise

Explanation should include

- definitions of supply, demand, elastic demand, and inelastic demand
- how price interacts with supply and demand
- influences on supply and demand.

Process/Skill Questions:

- What is the difference between elastic and inelastic demand?
- When is supply-demand equilibrium achieved? How is it characterized?
- What is an example of a situation in which a shortage is caused by a change in supply? A change in demand?

Teacher Resource:

- FBLA Competitive Event - Exploring Economics