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Knowing and understanding Supply and Demand is important because you won't know how pricing works. You also won't understand why prices go up or why some products don't get sold anymore or are made less.

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1. Gasoline is too expensive but you need it. 

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1. Gasoline is too expensive but you need it. 

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I was filling my gas tank up after I heard about the Texas floods talking about how gas prices were going up and I was like "crap and I still have to pay for it."

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2. Shampoo and conditioner on sale and I've got it for days 

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2. Shampoo and conditioner on sale and I've got it for days 

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When I was going to the store to get some stuff for my homework and I saw my favorite shampoo and conditioner was on sale so I bought three sets instead of one set.

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3. When coffee is a little to expensive sometimes 

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3. When coffee is a little to expensive sometimes 

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Something I bought in substitute for a good or service was coffee. I wouldn't have enough money to get Jo To Go so I would go to Da Bean or Hays to get my coffee.

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4. Something you think suppliers might be supplying more of in the near future because you believe the price will likely increase 

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4. Something you think suppliers might be supplying more of in the near future because you believe the price will likely increase 

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5. Something that represents a cost of production for a product you purchased 

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5. Something that represents a cost of production for a product you purchased 

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6. Something you believe the profit motive helps to reduce wasting of 

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6. Something you believe the profit motive helps to reduce wasting of 

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7. Something for which you have experienced diminishing marginal utility 

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7. Something for which you have experienced diminishing marginal utility 

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8. Healthcare is not your choice to be elastic

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8. Healthcare is not your choice to be elastic

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When I broke my elbow my parents didn't have a choice or not to fix it or get me some help.

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9. A service that has inelastic demand to most people 

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9. A service that has inelastic demand to most people 

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My parents changed the TV carrier because they were paying too much for the carrier.

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11. A service that has elastic demand to most people 

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11. A service that has elastic demand to most people 

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12. Something that you believe has and increase inelastic demand quality to you because of how you view it 

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12. Something that you believe has and increase inelastic demand quality to you because of how you view it 

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13. Something you believe is a recent example of elastic supply 

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13. Something you believe is a recent example of elastic supply 

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14. Cars are always going to be a needed product. 

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14. Cars are always going to be a needed product. 

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I believe cars will always be an inelastic product because no matter how expensive the car depending on the car. If someone needs a car they well get a car if they can afford it.

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15. Something you believe technology/ other advancement is changing the elasticity of supply of 

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15. Something you believe technology/ other advancement is changing the elasticity of supply of 