Reference no: EM133268463

This discussion is designed to see if you can apply economics to real life situations. Please use your own personal experiences to answer the following discussion questions. If you do not have personal experiences, you can share examples of your family and/or friends. This will show that you are able to make connections between what you learn in this class and what you encounter in the real world.

Now it is time to reflect on what you've learned in Module 02 and apply them in your daily lives.

Your participation in this Discussion demonstrates the following learning objectives:

Discuss where does the law of demand apply and why.

Discuss where does the law of supply apply and why.

What to do:

After reading the demand and supply chapters, share with us what happened to the Law of Demand and the Law of Supply in the United States for the past two years.

Please use specific examples in your discussion post, such as electronics, food, gasoline, housing, etc. to answer the following questions:

In your opinion, did the laws of demand and supply work or not in the United States for the past two years? Why? Explain your answer in terms of economics.

Select one specific good or service where you believe these laws worked. Please explain why and share your own experiences. Explain your answer in terms of economics.

Select one specific good or service where you believe these laws did not work. Please explain why and share your own experiences. Explain your answer in terms of economics.