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Module 1 Supply & Demand
Openstax Chapter 3.1
1. Define demand? Explain the difference between a demand curve and a demand schedule?
2. Explain the law of demand?
3. Define supply? Explain the difference between a supply curve and a supply schedule?
4. Explain the law of supply?
5. Define the equilibrium price?
6. Define a shortage and explain why it occurs.
7. Define a surplus and explain why it occurs.
Openstax Chapter 3.2
8. Explain the concept of an increase in demand. Show an increase in demand using a fully labeled graph.
9. Explain the concept of a decrease in demand. Show a decrease in demand using a fully labeled graph.
10. Identify 6 factors that increase demand and provide an example.
11. Define a normal good. Define an inferior good.
12. Explain the concept of an increase in supply. Show an increase in supply using a fully labeled graph.
13. Explain the concept of a decrease in supply. Show an increase in supply using a fully labeled graph.
14. Identify 5 factors that increase supply and provide an example.
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