Demand and Supply

Page 1 Explain as completely as you can what an economist means by demand (supply) and discuss (this implies that you are able to discuss why the factor causes the shift and explain the direction of the shift …(this can be done in one sentence for each factor) ALL the factors that can shift a demand (supply) curve. How does a change in demand (supply) differ from a change in quantity demanded (quantity supplied)? Explain what happens to Pe and Qe when demand (supply) increases and when demand (supply) falls. Page 2 Select an article FIRST PUBLISHED THIS Term that represents a situation where there is/will be a shift in demand (supply) for some product or service. You MUST ATTACH A COPY OF YOUR ARTICLE or URL. Without it, your paper cannot be graded. Briefly (no more than 1/3 of the page) explains the situation. Then spend most of your time relating the article’s events to at least 1 and more if in the paper of the determinants of demand (supply) you explained on page 1. Be very explicit in identifying the determinant responsible for the curve shift and in explaining why the curve will move as you predict. Do you see demand (supply) rising or falling? As an economist, what impact do you predict this change will have on Pe and Qe? Put this together in a logical progression and be sure to use paragraphs! Below, as an example, you’ll see the headline of an article about the Christmas tree market. You’ll be writing about the article you’ve selected and will include the title and source of your article at the top of page 1. Tips Page 1 choose either demand OR supply (This is BASED upon your article and what you are discussing. The shift you find in the article DETERMINES the focus in Section 1. If your article is a supply-side shift then section 1 must pertain to supply only. If you are describing a shift in demand in section 2 then section 1 must pertain to demand only) define demand; define a change in quantity demanded; explain the factors that shift demand; differentiate between a change in demand and a change in quantity demanded;explain the result of demand increasing and decreasing with respect to equilibrium price and quantity…there ought to be a minimum of 3 paragraphs on page 1…………NO MENTION OF THE ARTICLE SHOULD BE HERE page 2 Now you apply the shift factors you just discussed to the newspaper article be sure to identify the market you are discussing; identify the shift factor that is changing…explain how the newspaper article implies which shift factor is changing (DO NOT QUOTE THE ARTICLE) Discuss which direction the curve is moving and what is happening to the equilibrium price and quantity Demand and supply CANNOT be high, low, strong or weak these are RELATIVE terms meaning they require a comparison…remember demand and supply curves either Increase or decrease or remain stationary.

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