Write a paper in which you relate the concepts in this week's readings to a prior real world experience. The experience does not necessarily have to be work experience.
Discuss the market equilibrating process in relation to your experience.
First define at least five key concepts including those related to the market equilibrating process. Suggestions include the laws of supply and demand, the factors that affect the supply and demand curves, market equilibrium, price ceilings and price floors, and the price elasticity of demand.
Second, provide an application of each concept to the context of the real world event.