Understanding how market equilibrium is maintained is essential for business managers. As a manager, it is important to understand how economic principles, and specifically supply and demand, are a part of your everyday business decisions.
For this assignment,
1. Relate the concepts of the market equilibrating process in the Weeks One and Two readings and learning activities to a prior real-world experience occurring in a free market. The experience does not necessarily have to be work related.
2. Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.
Include the following components in your explanation:
· Law of demand and the determinants of demand
· Law of supply and the determinants of supply
· Efficient markets theory
· Surplus and shortage
Use University of Phoenix Material: Appendix A to create graphs illustrating the equilibrating process in relation to the shift in supply and demand. Use demand and supply curve to illustrate the anwer and include equilibrium Curve to relect the Surplus and shortage.
Deliver the content as a 1000-1250 word paper. The graphs and paper must be a TOTAL of one attachment