Go online and use your choice of search engine to find the United States’ 2021 Gross Domestic Product figure in dollars. Post your answer. Now, find China’s 2021 GDP and post it below. Finally, briefly explain how China can have a GDP lower than the U.S., but China has a population greater than the U.S. How is that possible? (4-5 sentences)
Examples of Supply and Demand
As consumers, we see examples of supply and demand at work in our economy every day.
Your job – give us an example you have observed of either demand exceeding supply, and the price of a good or service increasing; or, supply exceeding demand, and the price of a good or service decreasing. (3-4 sentences)