Topic > The Concept of Scarcity - 704

This is where the supply and demand patterns intersect and form the equilibrium point on the graph. Money has made it easier to associate prices rather than quote them with other goods and services. In chapter 3 we see how the characters in The Flintstones negotiate prices for goods or services (p. 31). The consumer still received the product he wanted; he had to give something of value for it. The supplier, on the other hand, receives something of value from the buyer, but also costs him the product. This shows that supply and demand patterns reflect the balance between scarcity and value of the product to create equilibrium