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Word Count: 524
Supply and demand has a great effect on many things from gas prices to what we eat and drink every day In todays society many individuals dont understand exactly what the laws of supply and demand consist of and others dont realize the effects being seen The expanded view of supply and demand is that the higher the price the lower the demand and it could also be vice versa First rule of supply and demand is that the greater the supply the lower the price The second rule is the greater the distance between supply and demand the greater the forces on prices The third rule is when supply is the same as demand prices do not change When the gasoline prices change in a time of less demand the same happens for a time of high demand There is a large effect on the prices of gasoline during this period of time Whenever there is a great demand for something the price of that item rises This happens until the demand for this item has fallen then prices fall The point where supply and demand meets is called the equilibrium This place is the perfect balance between supply and demand As we have seen in the past couple of years the prices of gas have yet to reach their equilibrium because of the unstable amount of supply Therefore in a time of low demand one may see the prices decrease over a period of time In 2008 after Obama was elected to office the gas prices ranged all the way up to the mid four dollar range because the demand for gas was soaring But Many didnt take account until later on in the year when the gas prices began to fall due to the decrease in demand of gas When people started to realize that the gas prices were getting higher every time they were standing at a pump they started to
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