Understanding how both of these laws relate to each other is integral in understanding how the economy flows. The video allowed for the definition of supply and demand to be explained in a thorough and simple fashion. Since this topic can be very complex and difficult to understand, we knew it was important to choose a video that would explain the different functions of each law in understandable terms.

We chose this particular video to explain the law of supply because it allowed for a visual and mathematical representation of what the law of supply looks like, as well as how it reacts to fluctuations in price and quantity. The video also explains the determinants of supply, being subsidies and taxes, technology, related goods prices, resource costs, the expectations of future producers of future prices, and the current size of the market. Understanding how supply is affected by these factors allows for a deeper understanding of the topic. 

 We decided to choose this video because It is important to understand that economics is never just black and white, there are always exceptions, somethings that don’t quite follow the rules perfectly. By understanding these exceptions we as consumers are able to see how economics are at work in the market -place. This understanding can lead to us being more conscious consumers in the future. 

 We chose this video because it clearly outlines a list of factors that can affect supply. There are a variety of different products sold in many different markets and each market will have the same overall factors with effects on supply but it's what's within those factors that differ based on the market. Every effect can be applied to each market which is pretty interesting almost as if there is a formal with many possible outcomes.. Knowing what effects supply can help us better understand the Law of Supply and how it is shown in the marketplace everyday.

We chose this website because it was thorough and relatable. It clearly defines the premise of how supply works in an individual’s life. Many people do not even know that they encounter this factor of economics every day in the form of sold out goods, low prices, and overstocked items in the grocery store. Beyond the basic everyday life, the website also goes into detail on how the law of supply affects the rise and fall of stock prices. From this website, we learn that stock prices are affected by both supply AND demand, and that without demand, the supply of shares depletes. When investors buy into this portion of the economy, it is vital for them to understand the basic function of how this system works, as well as their specific role in its successful flow. 

We chose this article because it is very relevant to our present day lives especially as Canadians. Many Canadians believe that this idea of a free market system would be a terrible idea. We love our free healthcare and we are known for it, but how well is our current system working. Even emerge has a wait time, it is a never ending cycle and there's always someone who needs immediate attention over another. It is difficult to decide what the right method is, but looking at it through an economic perspective can help to outline the biggest issue; supply does not meet the demand. Of course there are many other factors involved as the government controls this market but their must be a solution. Issues as such are not looked at through an economic perspective by the average person, but understanding the law of supply and how it pertains to this issue can be helpful in finding your stance on the topic. 

 We chose this webpage as it is a great example of how economics reveal themselves in our everyday lives. Again we don't always analyze the issues economically, so when it is brought to our attention in articles such as these it forces us to remember what we already know about the law of supply and demand and continue to apply to the topic at hand. This helps us have a deeper understanding of how the law of supply is at work behind the scenes when we are not paying attention.

We chose this particular website because it allowed for a unique and modern perception on what supply and demand means in today’s market, specifically in Canada. Provided in the website is a chart that compares the total spend on cannabis per year (2015-2019). From this chart, we can infer that since the demand for legalized cannabis became so intense, the supply was then released. Since the initiation of the Cannabis Act, the supply has increased tremendously - resulting in a high of 1.5 million dollars being spent on Cannabis in the fourth quarter of 2018. This website has put the definition of supply and demand into a completely new perspective - one that is relatable to every person in Canada today, whether they realize it or not.

We chose this particular photo because it portrayed what supply and demand could mean to Canada today - in the context of 2019. 

This image (when you look into the meaning behind it) shows a direct connection to the law of supply and provides a good example of the supply curve at equilibrium in real life example.