Maccanomics- Market Price

I have learned that market price is a combination of supply and demand, where equalibrium determines where the quanity supplied, and the quanity demanded meet together so that everything is sold and both costomers and salesmen are happy. this allows satbility in an economy so that there is no extra goods left over that weren't sold, and that there aren't still any coustomers looking for that good.

Market price is determined by the supply curve of a product, and the demand curve of a product.
where if 10 items are supplied at $15, and 10 items are demanded $15, then the market price will be $15 and ten items will be sold. rather if 5 items are demanded at $20, and 25 items are supplied at $25, then there will be a problem as there will be a surplus of 20 items.

Remember when the Wii came out in 2007? nintendo didn't make enough of them to meet demand, so there was large compition to get a Wii. some were being sold for $500 dollars when nintendo was selling them for $250. there was a shortage of supply and it took nintendo a year to respond.

Macanomics- Demand.

I have always some-what understood demand, but I never fully grasped it. I always thought about elastic demand, when prices go down, the number of buyers goes up. and so does the revenue. but I didn't even know that inelastic demand existed. nor was the true meaning of (christmas) a socialistic economy was. I thought that a communistic economy was socialistic, but now I am more educated about the subject.
Also, as a Marketing major in college, I have found this class very useful and very on subject with my learning objectives. In fact, I would like to personaly thank Mr Macmanamon (Mega-Me) for making Economics class one of my favorite classes.