supply and demand

Supply and Demand

Supply and demand are two words that economists use most often. Supply and demand are the forces that make market economies work.

This week the focus is on the Law of Demand and The Law of Supply.

STEP 1

Review chapters 4 and 5

STEP 2

• Review Appendix B Page 102 – 105
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• Price Controls: review Issues & Applications (P. 96)
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For Task 2 please respond to the following questions:

1. Define the laws of demand and supply. Give at least one example.

2. What are the factors that create shifts in demand and supply in the market? Give at least one example.

3. Explain the difference between a change in quantity demanded and change in demand. Give at least one example.

4. Through the analysis of supply and demand in the market for a particular product explain how price for this product is determined.

Remember: All writing must be supported by academic literature and will be in APA format during this course. You must cite each sentence in which you used materials from your academic literature. Your work will be checked for academic integrity by the TII system. For a great breakdown of academic literature, please visit: https://www.lib.unb.ca/research/success/understanding.php

Do not use Wikipedia, Ask.com, Articlebase, businessdictionary.com, eHow, smallbusiness.chron.com, slideshare, referenceforbusiness.com, or term paper websites. From time-to-time, the professor may point out other sources that are not reliable academic sources.

Upload Your task using one Word file.