Supply and Demand
As we delve into this week, our goal is to lay the basic foundation of how markets behave. Through an analysis of the supply and demand graph, you will role of consumers and producers in a market economy.
- Discuss the role of prices in making decisions in our introductory discussion of Uber. (3 points) (due by Tuesday, February 9)
- Choose country to study for term project using the ZeeMap provided.
- View/Read instructional material outlining demand, supply and the fluidity of these markets.
- Score 100% on the comprehension quiz (you can take this as many times as you like!) (5 points) (by Wednesday, February 10)
- Reply to 2 classmates' initial discussion posts, highlight specific concepts from this week. (3 points) (due by Friday, February 12)
- Complete a graded assignment-- Six Degrees of Supply and Demand. (20 points) (by Sunday, February 14)
At the end of the week you should:
- Understand the law of demand and the role of demand determinants.
- Understand the law of supply and the role of supply determinants.
- Evaluate the presence of a surplus or shortage in a market and analyze the tendency to move towards equilibrium price.
- Analyze how shifts of supply and demand affect equilibrium price and quantity in a market.