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Learning about supply and demand helps you understand how and why prices of goods and services fluctuate and when they will. This helps understand the economy because prices affect the decisions of consumers.

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A water park has an elastic demand because people only use them in the summer and they close in the winter.

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I may have wanted to purchase this but only 1 copy was ever sold, showing a very inelastic supply

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As we get more advanced battery technologies,electric cars are getting cheaper and having a more elastic supply.

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The video game Fortnite displays elastic supply because it became a viral game in a short amount of time and developers were able to keep up with the demand.

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My car and cars in general have more inelastic demand quality to me than to most people.

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Demand for surgical procedures is very inelastic because it is a necessity to someones health and they will pay whatever is asked.

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The demand for houseing is elastic because there are many options for the consumer to choose from so they will find something in their price range.

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Demand for water is very inelastic because people need it to survive no matter what the cost is.

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The first few bites of a thanksgiving dinner are great, but as you get more full it starts to taste worse,

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The profit motive for oil reduces the amount of it that is wasted.

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The price of a watch is usually determined by how much the raw materials of the watch cost.

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Suppliers might be supplying more batteries in the near future as the demand increases and price increases due to lack of raw materials.

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I had my car tuned to run ethanol as a substitute of pump gas because it is cheaper and makes my car run better.

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We had a higher income to spend on a car which made buying this car an option for us.

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I bought this product at a discount because demand for the product was low.