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Economics 101: Scarcity, Supply and Demand

Resources are limited. Time, money, people, you name it. This is the basic concept of scarcity. Since products are scarce, consumers must conduct a cost - benefit analysis to ask - “is this product or service worth my limited resources?” A consumer knows that it might be more expensive due to scarcity, but does it provide them satisfaction or benefit? If so, a consumer should purchase the product or service if the benefit is greater than the cost associated with obtaining it. The scarcity principle explains the price relationship between the constantly changing supply and demand. Supply is the amount of a good or service that producers are willing and able to sell at a given price. Demand is the amount of a good or service that consumers are willing and able to pay at a given price. When the quantity supplied and quantity demanded for a good or service are the same, the market is at equilibrium. Simply put, the equilibrium price is the price at which the quantity of goods and services that people are willing to pay is equal to the quantity that a producer is willing to sell. The market is constantly shifting to a new equilibrium to meet at a point where the demand meets the available supply. If the supply of a good or service exceeds the demand for it, the price will fall until the excess supply is taken by increased demand. If the demand for a good or service exceeds the supply, the price will rise until the excess demand is met by increased supply. #economics #supply #demand ____________________________________________________________ Hungry for more liberty-focused content? Like FreedomWorks on Facebook:   / freedomworks   Follow FreedomWorks on Twitter:   / freedomworks   Join the Meme Army on Instagram:   / freedomworks   Get more content on our website: https://www.freedomworks.org/