Problem
Pick only one market - either a product and/or service market or a specific labor market. Be specific when answering the questions.
1) Give an example of a market where you make purchases or work.
2) Explain how the market works.
3) Who is/are the buyer(s)?
4) Who is/are the seller(s)?
5) How many buyers and sellers participate in this market?
6) What is the product and/or service being sold?
7) How are prices set in the market?
8) How is the quality/service set?
9) Are there innovations in the market? How do they occur?
10) In your market, is there a surplus, shortage or equilibrium most of the time?
11) When (if ever) does the market come to equilibrium? How do you know when there is equilibrium?