Microsociety

Week 7

Supply and Demand

Dear Diary,

This week we learnt about supply and demand.Supply means that you have stock and you are not running out of the product.On the other hand demand means u have a product that is popular and well requested.We discussed how our businesses were affected by supply and demand for example when there is a high demand more products are supplied to the business to be sold and therefore bought by customers which meant that the business had a higher sales revenue.We read a story from notenugh which was about the Zoggs that made a business that was selling rope.