The changes in our society affect millions of people everyday rather good or bad. It is important to study Economics due to increases and decreases in products supply and demand to understand the economy of the 21st century. The main product of supply, demand and price that is affected everyday is the price for gasoline. This has been a continuous problem to all citizens across the United States. The Federal Trade Commission (FTC) has been following this issue closely and the article summary below will discuss its findings.
Demand
When goods become scarce, the market reduces the quantity of those scarce goods people demand; as their prices go up, people buy fewer goods. As goods become abundant, their prices go down, and people want more of them (Colander, 83). This statement is so true with regards to gasoline prices. FTC made that analogy statement as well in the article when speaking on how the prices have increased over the time due to the increases in automotive sales as......
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