Supply and demand show the relationships between two main variables, price and quantity. How are they depicted in demand, and in supply? What other factors impact the relationships between price and quantity in supply and demand? Which factors are more influential?

he housing slump has many families in situations where the values of their homes are much lower than a year ago and the credit crunch only adds to the problem. In this thread we will relate these issues and the high price of oil and gas to the supply and demand model. In your discussion be sure to incorporate appropriate concepts from your studies, especially the supply and demand model.