What is Price?<br />Price – is the amount of money given or asked for when goods and services are bought or sold.<br />
Supply<br />Supply – the amount of goods and services that producers will provide at various prices.<br />Then sellers are willing to supply more of that good or service<br />If consumers are willing to pay more for a good or service<br />
Demand<br />Demand – is the amount or quantity of goods and services that consumers are willing to buy at various prices.<br />Consumers are willing to consume more of a good or service at a lower price<br />
Equilibrium Price<br />Equilibrium Point/Price – is the point at which the quantity demanded and the quantity supplied meet.<br />
The Lemonade Stand<br />Ms. Mahoney’s final profit = $107.45!<br />How well can you balance supply and demand?<br />http://www.primarygames.com/socstudies/lemonade/start.htm<br />
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