The former University of Colorado, Boulder football player, Jaleel Awini, earned his Bachelor's in Economics in 2016. Economics is primarily concerned with descriptions and analysis of the production, distribution, and consumption of goods and services. In its most basic form, it is the study of Supply and Demand, with a focus on the relationship between what we have versus what is available. The law of Supply and Demand is essentially what drives our economy.
In Economics, demand is how you measure how much an item is wanted. The demand for products can increase or decrease for a number of reasons. Businesses have to try and determine the demand for their products in order to set the prices. Often, they will place an item on sale in order to increase the demand for those products. When a demand for a product is low, companies will often end up with a surplus.
The other end of the equation is supply. This is a measure of how much of a product is available for purchase. This is generally determined by demand. When demand for a product decrease, supply increases, leading to a surplus. When demand increase, the supply decreases. It is important for businesses to manage their supply effectively to avoid having a shortage. This is a result of not having enough of the products that are in demand.
Learning how to analyze supply and demand can help you save money in the long run. However, understanding and monitoring supply and demand can be difficult for anyone to master. Jaleel Awini is familiar with the law of supply and demand after earning his Bachelor’s in Economics.
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