Define demand and supply and explain why the demand curve has a negative slope (slopes downward from left to right) and why the supply curve has a positive slope (slopes upwards from left to right). Explain the relationship between price and quantity demanded and the relationship between price and quantity supplied. Briefly describe the many non-price factors impacting demand and supply and provide an example of each. Explain the difference between a change in quantity demanded arising from a change in price and a change in demand arising from a change in a non-price factor impacting demand. Similarly, explain the difference between a change in quantity supplied arising from a change in price and a change in supply arising from a change in a non-price factor impacting supply. Provide the economic definition of "equilibrium price". Explain how we identify market equilibrium on a graph. Use an example of your choosing to demonstrate your understanding of these concepts

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