1. Explain the concept of supply and demand in your own words and provide two examples of how you see it at work: one from the news and one from personal experience.
2. State the difference between demand and quantity demanded, as well as the difference between supply and quantity supplied.
3. Provide real-world examples and include supply and demand graphs to illustrate the following four concepts: change in demand, change in quantity demanded, change in supply, and change in quantity supplied.