Supply & Demand - A Commerce Journey - Ep8
How Hypixel Skyblock Teaches Supply & Demand Like a Pro What is Supply and Demand? Well its one of the CORE principals of economics, it practically rules the world! without it nothing would have an established price. You might ask, why? well you've most definitely come to the right place! Today we'll be covering Supply & Demand Start to finish. Q1: Why Does Ice Cream cost more in the summers? Well, to understand this we have to go through the basics of economics and the Core Economic Problem; Scarcity. Scarcity What is Scarcity? Well Scarcity is the fundamental problem of having limited resources to satisfy unlimited human wants and needs or in other words, there aren't enough resources to satisfy the Needs & Wants of the people. For Example: The people Want 50 apples, but the farmers can only produce 20 at a time! This is scarcity. In Hypixel Skyblock Scarcity can be shown with very rare items, or items which are very very hard to obtain, many people want ...