• If you are citizen of an European Union member nation, you may not use this service unless you are at least 16 years old.

  • You already know Dokkio is an AI-powered assistant to organize & manage your digital files & messages. Very soon, Dokkio will support Outlook as well as One Drive. Check it out today!

View
 

Changes in Market Supply and Demand

Page history last edited by Abigail Bedard 2 years, 11 months ago

 

Focus Question: What factors create changes in market supply and demand?

 

 

 

Apples

 

 

 

All About Apples: Some History, Science Friday

 

  • 15,000 varieties of apples were once grown in the United States

 

    • Now 9 out of ten apples we eat come from just 12 varieties
      • Red Delicious, Golden Delicious, Fuji, Gala, Braeburn, Granny Smith, Jonagold, Idared, Gravenstein, McIntosh, Cortland, and the newly popular Honeycrisp.

 

Topics on the Page

 

Factors Affecting Supply and Demand

 

Examples of Changes in Supply and Demand

  • Drugs
  • The Atlantic Slave Trade
  • Teachers
  • Renters
  • Women's Roles 

 

 

Factors Affecting Supply and Demand

 




 
 
 

 

Some Factors that affect the DEMAND of goods and services are:

 

Some factors that affect the SUPPLY for goods and services are:

 

1)Changes in the Price of a good or service

 

(1)Changes in the Price of a good or service

 

(2)Changes in consumers’ Income spent on goods and services (2)Changes in Technology (or the State of the Art) of business firms

 

(3)Changes in the Tastes/Preferences of consumers for goods/services

 

(3)Changes in the Tastes/Preferences of consumers for goods/services

 

(4)Changes in the Prices of related goods and services: Substitutes and Complements

 

(4)Changes in consumers’ Income spent on goods and services

 

(5)Changes in government fiscal policy (spending and taxation) and monetary policy (interest rate etc)

 

(5)The # of business firms in an industry

 

(6)Natural disasters (storms, hurricanes, earthquakes, tornadoes, floods etc

 

(6)Changes in the Prices of related goods and services

 

(7)Scientific discoveries (medical, chemical etc)

 

(7)The Costs of factor inputs of firms (labor, capital etc)

 

(8)Advertising or Commercial ads

 

(8)Seasonality (Christmas, Easter, Valentines day etc)

 

(9)Changes in the growth rate of a Population

 

(9)Commercial ads or Advertising

 

(10)The # of consumers in a market

 

(10)Scientific Discoveries (medical, inventions, chemicals etc)

 

(11)Seasonality (Christmas, Easter, Valentines Day etc)

 

(11)Natural Disasters

 

(12)Sociological factors (age, sex, education, marriage etc)

(12)Government fiscal and monetary policies

 

 

 

(13)The rate of growth of the Population

 

 

 
(14)Sociological factors (age, sex, education, marriage etc)

 

Crash course on Supply and Demand

Questions and answers on supply and demand

Shift in supply and demand

 

Click here to learn more about supply and demand curves

 

Click here to learn about who discovered the law of supply and demand

 

Click here to learn more from Khan Academy

 

Khan Academy Videos:

Equilibrium Price and Quantity From Changes in Both Supply and Demand

"Equilibrium price and quantity from changes in both supply and demand"

Changes in Equilibrium Price and Quantity when Supply and Demand Change

"Previously we looked at what happens to the equilibrium price and quantity in a market if supply or demand changed. In this video, we explore what happens when BOTH supply and demand are changing at the same time."

 

 Learning Plans:

 

 

 

 

 

 

 

 Videos explaining supply and demand:

 

 

 

 

Examples of Changes in Supply and Demand

 

 

Drugs

 

Supply and demand issues affect more than just the economic lives of people. Social and cultural needs and problems can often be examined through the lens of supply and demand. 

  • One such issue is that of illegal drugs and the problems that attend their production, distribution, and use. To learn more about this issue, link here


There have many cases of illegal manipulations of supply and demand. These manipulations usually have the end goal of fixing a price for the benefit of one or more companies or corporations.

 

  • A famous case involved the Archer Daniels Midland Corporation (ADM) in the 1990s. ADM was accused of fixing the prices of lysine, an amino acid; citric acid, a widely used flavoring agent; and high fructose corn syrup.

 

  • The book Rats in the Grain details this case. 
    • Link here to learn more about this case


Quinoa is a grain that is grown in the altiplano region of Bolivia and Peru. This grain has become among Americans and Europeans in recent years. 

  • Link here to read a story that deals with the nuanced ways in which this new demand is affecting the indigenous farmers who live in the region

 

Click here for another case study dealing with coffee and rainfall in Brazil.

 

Atlantic Slave Trade


Supply and Demand in the Atlantic Slave Trade. Be sure to explore the links on the left side of the page for more essays on factors affecting supply and demand in the slave trade.

 

 

 

Teachers 

 

Supply and demand of minority teachers

 

 

Click here for practice problems concerning supply and demand

 

 

Renters

 

Click here to learn more about supply and demand and how it pertains to the renters market. 

 

  Women's Roles


"Men Create the Demand; Women Are the Supply: Lecture on Sexual Exploitation". Donna M. Hughes, University of Rhode Island

Click here to learn more about economic support for women during the American Revolution which also gives a brief overview of supply and demand. 

 

Notes on the economic role of women during the American Revolution. "Many women were about to donate clothing and other supplies to the war cause. There was also many instances of public fundraising. As women were able to involve themselves more and more on an economic level to the war, they began to work towards political involvement. This is especially important because women were starting to gain a sense of independence from men as they would be the ones fighting and women were trying to fundraise for the war cause, meaning that women were being to distance themselves from work that was typically allocated to women only. Of course, the role of women did not do a complete 180 turn at this point but it marks an importance instance in which women were contributing to more than just family life." (submitted by Elisabeth Burns, April 2020).

 

 

Click here to learn about supply and demand in the context of female political leaders through various countries. 

 

Comments (0)

You don't have permission to comment on this page.