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Computers have become more elastic over time as they have become more available to the average person while when they first were created there were only a few and very expensive.

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12. A college education that doesn't cost a fortune

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12. A college education that doesn't cost a fortune

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College education is very inelastic and something that I want but don't want to go into tone of debt to get.

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Everyone wanted a fidget spinner, and suppliers were able to meet the demand due to the simple and cheap production.

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Paper comes from trees, though they probably don't use all of the tree to just make paper. But, to make more profit, they likely use the other parts of the remains to make other products like pencils maybe.

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As summer approaches, the demand for sunglasses will likely rise and the price might increase. If the price increases, supplier will supply more sunglasses.

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If haircuts are too expensive, I might just let my hair grow longer.

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Gum is an elastic good that I buy. If it's all too expensive, then I just don't bother, but it it's cheap, I might get some.

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I need gas for my car to function, no matter what the cost, so I'll buy gas regardless.

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Car insurance has inelastic demand, since no matter what the price may be, you have to have it. Even though I hate to spend that much money on insurance, I do it anyways.

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After buying a large fries from Wendy's, I found that by the time I get near the end my stomach is unhappy and I don't even want to finish the rest. Because of this, I now buy only the medium, since my enjoyment from the extra fries has diminished.

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Since Kellogg's corn flakes were more expensive, I opted to buy the less expensive store brand corn flakes.

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After I got a job, I had more money. I when then willing to spend that money to buy new racing shoes.

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I found a vending machine that sold cans of soda for 50 cents each. Since the price was lowered, I bought more (demand went up).

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Daniel Hatton's Supply and Demand in Photos

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Daniel Hatton's Supply and Demand in Photos

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Understanding supply and demand allows us to be better informed members of our economy. Understanding supply and demand also lets us understand why changes in the economy happen.