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- Supply and demand is a fundamental concept in economics that describes how prices and quantities of goods and services are determined in a market economy. Here are some examples of supply and demand in everyday life12:
- A drought and very few strawberries are available. More people want strawberries than there are berries available. The price of strawberries increases dramatically.
- A huge wave of new, unskilled workers come to a city and all of the workers are willing to take jobs at low wages.
- The iPhone 11 was released in the fall of 2019, and there was an enormous demand for the new phone.
- Kylie Jenner Lip Kits
- Face Masks in China
- Insulin
- Organic Honey
- The Oil Market
- Vacation Rentals in Hawaii
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.What are some examples of supply and demand? There is a drought and very few strawberries are available. More people want strawberries than there are berries available. The price of strawberries increases dramatically. A huge wave of new, unskilled workers come to a city and all of the workers are willing to take jobs at low wages.short-fact.com/how-does-supply-and-demand-appl…Supply And Demand: 7 Real Life Examples for Better Understanding
- 1. The iPhone 11 When the iPhone 11 was released in the fall of 2019, there was an enormous demand for the new phone. ...
- 2. Kylie Jenner Lip Kits ...
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