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Thinking More sample page. | |||||||||
| Supply and Demand | ||||||||||
| After the Civil War, longhorn cattle were plentiful on the Texas plains. Because there were so many of them, they were cheap or even free to obtain. In the industrialized northern and eastern states, the population was dense. There was a demand for beef, and not much room to raise cattle locally. Big-city buyers paid “top dollar” for Texas beef. This is an example of the economic law of supply and demand. When there is an ample supply, the demand and cost are low. When there is a scarcity, people will pay higher prices to get what they need. Can you think of other examples of supply and demand? |
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