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Has a big-name fast food franchise ever moved into your neighborhood? Did it have a long
line of customers in its drive-through as soon as it opened? Have you seen a long line
of people camped out at a store waiting to buy the newest and fastest phone or tablet
on the market? Have you ever rushed to the store to pre-order the newest game from your
favorite game franchise before its official launch? If you said yes, you have seen firsthand
how economic choices can impact supply and demand. The new franchise owner made choices
about what goods and services to sell in your neighborhood. You and the people waiting in
line made choices of what to buy or consume. In all three scenarios, people made economic
choices which were determined by price. These scenarios may be a part of ordinary life,
but they illustrate an important concept that you will learn in this module: choices of
what to produce or consume requires individuals and institutions to make decisions about pricing
in the market. Pricing is the heart of supply and demand, young entrepreneur! In this module
you will learn the fundamental elements that make up supply and demand. You will learn
how your individual choices as a consumer impact price and how a producer's willingness
and ability to supply what you want is affected by price, too. As you learn more, you will
see that supply and demand do not always match. There are surpluses and shortages in any market.
Throughout this module, you will experience the decision making process that suppliers
make as they interact with market forces as you identify forces that affect price, supply,
and demand. You will also learn why each economic choice you make gives you less and less happiness
than the one before it in the real world. For your module assessment, you will create
a product showcasing your understanding of supply and demand in an innovative and creative
way.