a. Define the law of demand, and the law of supply, graph a change in quantity demanded, and a change in quantity supplied.
b. Illustrate a change in demand or supply
Change in Demand: Determinants
Determinants of Supply; change in supply
tastes and preferences,/population
change in Demand: prices of related goods
Change in Demand: income/ expectations of future prices
change in Supply: technology/# firms in the market place
change in Supply: resource price changes/ exportations of future prices
c. Illustrate what happens to the equilibrium price and quantity when you have an increase in demand and supply OR a decrease in demand and supply