Assignment:
Upload your graph and write a paragraph explaining why you believe there were changes in supply or demand and also be sure to mention what the equilibrium price is. Submit your work below.
Remember to keep these things in mind as you create your graph:
• high demand = higher prices
• low demand = lower prices
• high supply = lower prices
• low supply = higher prices
Directions
1. Choose a product you are familiar with that would be affected by a market economy.
2. Make up a title describing an event that would result in either a change in supply or a change in demand.
o Examples of factors that could affect supply:
costs of production
technology
taxes
o Examples of factors that could affect demand:
personal preferences
income
price
3. Once you have a title, then create a graph that includes the information listed below.
• The name of the product.
• A title influencing change in supply or demand.
• A labeled graph showing supply or demand change.
• An explanation for the change.
• Equilibrium price