Title: Explain the concept of supply and demand.
Course: Marketing Exploration (12160-36) > Section: Exploring the Private Enterprise System

Explanation should include

- definitions of supply, demand, elastic demand, and inelastic demand
- how price interacts with supply and demand
- the influences on supply and demand.

Process/Skill Questions:

- What is the difference between elastic and inelastic demand?
- When is supply-demand equilibrium achieved? How is it characterized?
- What is an example of a situation in which a shortage is caused by a change in supply? A change in demand?
- What product that you recently purchased could be used as an example of supply and demand in action?