36
Lesson 36 of 84 · Trade and Commerce
The Silk Road: East Meets West
Supply is how much is available; demand is how much people want. High demand and low supply push prices up. High supply and low demand bring prices down.
Key Facts
1
Needs are different from wants.
2
Supply and demand affect prices.
3
Trade connects people globally.
Check Your Understanding
Question 1
1 of 2What is the difference between needs and wants?