(1a) In The News: If you bought any good or service this week, you have already participated in the market system that operates by demand and supply. What drives the demand for any product? Why are firms willing to supply it?
- Use the key word ECONOMIC NEWS in an Internet search engine (Google, Bing etc.) to locate online news sources such as CNN News, the NYTimes, Chicago Tribune, Forbes, US News and World Report, or any of the various other nationally recognized news providers.
- NOTE: Make sure the story you select reflects the material covered in the chapter. This is best accomplished by using the ADVANCED SEARCH option and also choosing appropriate categories such as "Business" or "Economics" when the option exists. Also choose sort by "RELEVANCE" to further refine the search process.
Select a news provider and use their search feature to locate a news story on one of the following suggested concepts, or on a topic of interest to you that is appropriate to this chapter.
Possible search terms:
- Demand for (corn, wheat, video games, housing)
- Supply (same as above or use any of interest to you)
- Market shortage
- Excess supply of milk
- Market price
- Subsidies
Write a 1-2 page summary of the information and also explain how it relates to what you have just learned.