Supply, Demand, and Equilibrium
- Explain the difference between a movement along demand and supply curves and a shift of demand and supply curves.
- What can cause the above situations? Provide an example for each.
- Describe how equilibrium is found.
- Describe how a shift of the demand or supply curve can affect equilibrium.
- Define the current status of supply and demand for the product or service you identified.
- Identify at least one factor that has caused the supply curve to shift for that product or service.
- Identify at least one factor that has caused the demand curve to shift for that product or service.
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