Running head: SUPPLY AND DEMAND
Supply and Demand in Microeconomics
Will Holland
College of Central Florida
Supply and Demand in Microeconomics
Running head: SUPPLY AND DEMAND
With the dawn of civilization comes the dawn of economics. No society has existed in which
there is not some sort of trade or bartering system, no society has existed in which everyone
takes and everyone willingly gives with no sort of payment. From the very early ages there’s
been street markets, where bartering or an exchange of goods was sufficient, and while it may
seem almost too simplistic to be counted as economic, it classified as it, and it’s been since this
age that the system of economics has grown into the superpower we know today. An economy,
and with it economic systems, are one of the most integral parts of a society or civilization. The
prosperity of a civilization directly depends upon how well it’s economic system does. The
backbone of any economic system is that of supply and demand, that is the idea that price of
something depends on how much of it is produced and how badly the population needs it. In this
area of economics, demand is dictated by the public and supply by the seller, and one needs to
