Supply and demand is like a game between people who want to buy something (demand) and those who sell it (supply). When there are fewer things to buy, prices go up because more people want the same limited stuff. It’s like when everyone wants the last cookie in the jar, you have to pay more to get it!
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See also
- Why Are Some Things Always More Expensive?
- Why Do Prices Go Up When Everyone Wants the Same Thing?
- Why can’t prices just stay the same?
- What are economic implications?
- What are real value of money decreases?
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Categories: Economics · supply and demand· economics basics· price changes· market forces· everyday economics