Please use your own experiences and the knowledge you have gained from this week’s readings to answer the following topics and questions. Make sure you use economic concepts in your main contribution.

Think of items that you have purchased in a market:
Big ticket items like a house, or an apartment rental, or a car;
Or ordinary items in your weekly budget, like coffee, tea, gasoline, bread, Milk, etc.

You can consider some of the following questions in your contribution.
What price trends have you noticed over the last few years? Do the prices fluctuate? Have prices increased or decreased?
How would you use what you have learned concerning Supply and Demand to explain these trends?
Have there ever been any shortages or surpluses? How would you explain that?