- Understand the law of demand and how it is visually represented
- Understand the law of supply and how it is visually represented
- Understand surpluses and shortages
- Understand equilibrium price and quantity
- Identify factors that can change supply and demand
What Happened to the Price of Cars?
You can view the transcript for “What You Should Know About The Car Chip #Shortage” here (opens in new window).
Simulation: Demand for Food Trucks
Play the simulation below multiple times to see how different choices lead to different outcomes. All simulations allow unlimited attempts, so that you can gain experience applying the concepts.