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?
- What happens when supply goes up?
- Why Do Prices Change So Much When We're All Just Trying to Buy Stuff?
- Why Do Prices Go Up During a Crisis?
- Why do prices change when sellers want to make more money?
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Categories: Economics · supply and demand· economics basics· price changes· market forces· everyday economics