Economy

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Believe it or not, but, your everyday life is effected by the economy. I’m sure each person goes to the mall, and to the shoe store. Well, let’s say you just heard about these awesome sneakers, and almost everyone you know wants a pair. You go into the shoe store to find them, and they are all sold out! You have just been affected by the SUPPLY of a product. The more people want something, they higher the price will be. Then, you figure you will wait for a while, until the price of those sneakers goes down, but, they are THE most popular sneakers ever made. Guess what, the next time you go to the store, the price has actually gone up! Because EVERYONE seems to want a pair of these things. The company now figures that the sneakers will be popular forever, so…they get a whole bunch more employees, and start making more and more of the sneakers, so ALL the stores have them in stock. Sooner or later, people get tired of the new style, and most of the people that wanted a pair got one, so now, the shoes are starting to pile up on the shelves at the store, and now the store has to get rid of them somehow, so they start to put them on sale. The “economy” has just been affected by Supply. The more of something that is available, the lower the price.
The United States has a “Free Market” economy, which means that the prices of our products are determined by the will of the consumers. Consumers will only buy what they determine that they “need” at the tim...

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