Supply and Demand Infographic Supplemental Activity Worksheet The concept of supply and demand is often called the heart and soul of economics. It is the foundation for much of what is studied in the field, and understanding how suppiy and demand affect the economy can help us to recognize economics everywhere in our daily lives. (The British classical economist LR. McCulloch is attributed with the famous saying that you can make a parrot an economist if you only teach it to say \"supply and demand\") The supply and demand infographic highlights basic concepts such as the laws of supply and demand, changes in demand and supply versus changes in the quantity demanded and the quantity supplied, the determinants of demand and supply, and market equilibrium. Supply and demand lnfographic questionnaire (Students will refer to the infographic attached to answer the following questions.) 1. Define the law of demand. Dene the law of supply. Describe these terms in your own words and make sure to include an explanation of the relationship between price and quantity 2. When prices change, how is that reflected on a given supply or demand ? For instance, if the price of a particular chocolate bar increases, will demand or quantity demanded change? Explain. 3. Define market equilibrium and explain how it is determined