Do you understand Supply and Demand?
Think you have a handle on Supply and Demand theory? Well, you might think you do, but why not take this test to see if you really understand how changes affect Supply, Demand, and eventually Price and Quantity.
It’s useful to refresh on these principles now and again, as it gets your mind thinking about changes that happen inside, and outside of your organization, and how they will affect the market. When you’re making sense of a situation, if all else fails (if no other line of reasoning gets you an answer) then you can fall back to the basic principles of supply and demand. Ask, how does this affect the supply of the product? How does this affect the demand? Plotting these changes to the supply and demand curve then helps understand the movements.
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Awesome blog! I’m linking your blog(I’m also an MBA wannabe!)
[…] Economic: This involves the consideration of supply and demand as it affects the market for your particular product. You can see more about how supply and demand affects price and quantity here. […]