Week 7

Micro society

Supply and Demand

SUPPLY AND DEMAND

What is a supply?

Supply is a noun and a verb. The verb type is when you provide something or make it available for someone to use. The noun type is the storage you provide so this time you don't provide it but it is the provision you make available. In business, the supply we use is the noun type and the verb type because you are supplying the supply.

What is demand?

Again, demand has two meanings: the noun and the verb. The verb type is when you order something to be done. The noun type is when something is really popular and termed as ''high demand''. In business, we use the noun type but sometimes we use the verb type as well.

Why does this matter?

Well, because , when your business is in high demand, it is always safe to have a big supply so that more people will purchase things. If your business is in low demand, having a short supply is good because not many people are going to buy it ,sadly. Having less supply in stock with a high demand is not good because people won't buy anything anymore, as they didn't get the opportunity to purchase something on their last visit.

What is happening in the real world?

After weeks of tiring campaigning, the victory goes to Conservatives as they win the most seats. The total amount of seats is 650 seats. The majority was 326:1/2 plus 1.The reason why is that no other party can get the same amount of seats. Conservatives had 318 so they needed 8 more to pass the majority line. In the end they had a coalition with the Democratic Unionist Party (D.U.P).

I had lots of fun in micro society this week!