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UOI
Supply and Demand impacts Trade
For this UOI we are looking into trade
Trade is when you buy or sell goods or services.
We learnt about the supply curve,
and the demand curve.
We also learnt about the supply and demand curve.
We learnt that in the supply and demand curve, the point that is in the middle is called equilibruim. But in the real world, it rarely ever happens.
We learnt that the market has an impact on what farmers harvest,
because if the demand is for, lets say, sheep wool, then farmers have to harvest more.
It's the same the other way round. If the demand for eg. beef goes down, then farmers have to harvest less.
If demand goes up, then supply goes up.
If demand goes down, supply goes down.
If supply goes down, demand goes up.
If supply goes up, demand goes down.
Thank you for watching!
By Danielle McComish
