For the Week 2 Critical Thinking Exercise, you will discuss and provide application of concepts of supply and demand by identifying two goods and two services you consume at the household or professional level. For each example, you will identify a demand-shifting factor (preferences, expectations, income) and a supply-shifting factor (entry/exist of a producer, cost of input, etc.) Based on each factor/scenario, please discuss the impacts to the equilibrium price and quantity further include actual reporting of the scenario relating impacts on the industry from the scenario-based adjustment from research. For example, for the gasoline industry, a scenario could be civil unrest emerging in Saudi Arabia, since they are the largest exporter of gasoline, this would impede gasoline supply. The reduction in gasoline supply would shift the curve to the left and holding demand constant create a new equilibrium price and quantity. In your response, please research and report actual quantitative information (charts, tables, and graphs) for industry data tied to your example.
Task 1: Create a new discussion topic on or before Friday at 11:55 p.m. by clicking the ‘**REPLY HERE**’ post. In your reply, you will post your answers to the Week 2 Critical Thinking Exercise questions. Your response to the exercise questions should be a minimum of 150 words. Going over the minimum word length requirement is acceptable; however, I am not looking for 1000+ words! It is suggested that you use MS Word or another word processing application that can check spelling/grammar and can show the word count.
Task 2: After you have created your new discussion topic, you are required to read and respond to a minimum of 2 of your classmates discussion topics. Each of your responses should be a minimum of 50 words. Think of your responses in terms of a contribution to a dialogue, not a writing exercise or a chat room. Elaborate a single idea and keep your post short but concise as if you were holding a conversation with your classmate(s). Incorporate what you have learned from the weekly reading material and from your own real-world experiences.
Because this is a critical thinking exercise, it is important that you do your best to evaluate and assess the assignment without bias or judgement. You are expected to properly cite (http://gmcga.libguides.com/c.php?g=458&p=1686) and incorporate scholarly/peer reviewed sources (http://gmcga.libguides.com/periodicals) in your Critical Thinking Exercise topic/posts.
Be as thorough as possible when writing your Critical Thinking Exercise topic/posts, and remember, this is an academic assignment, so no “text-talk,” no conversational tone, and ABOVE ALL OTHER THINGS… don’t plagiarize!! Lastly, spell-check and proofread your work! Failure to follow these steps will negatively impact your grade.
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