Draw a PPC with a bow and why it occurred, label all points and X & Y axis, show efficiencies and inefficiencies and describe with examples.Draw a supply and demand curve, label X & Y axis and show equilibrium. Show shortage and surplus and why they exist, add ceiling and floor, use examples and describe.
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show a shift in demand and supply, and why it has occurred (non-price determinants). Describe all changes. Show in two or more graphs and use 2 examples for each - supply and demandDescribe substitutes and compliments and relationships between the two. Use examples for both.