24 Outcome: Forces Behind Supply and Demand
What you’ll learn to do: identify the forces that drive supply and demand within an economic system
How do supply and demand shift within an economic system? They are both “driven” to change by forces in the economic system. In this module you’ll learn about some of these forces, such as Adam Smith’s “invisible hand,” scarcity caused by natural disasters, and human intervention aimed at manipulation or control of the markets. Watch the following video, which provides an introduction and context for understanding changes in supply and demand.
LEARNING ACTIVITIES
The learning activities for this section include:
- Reading: Demand, Supply, and Equilibrium in Markets for Goods and Services
- Reading: Shifts in Demand
- Simulation: Demand for Food Trucks
- Reading: Shifts in Supply
- Simulation: Supply of Food Trucks
- Simulation: Food Trucks and Changes in Equilibrium
- Video: Indiana Jones (Demand, Supply, Equilibrium, Shifts)
- Self Check: Supply and Demand
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.