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.
Now, select an industry with which you are familiar or one you would like to study. This industry will also be used in future assignments for this course.
After selecting your industry, identify a product or service that your chosen industry produces. Add the following information.
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.