Discussion Board 3 - Demand and Supply

Discussion Board 3 - Demand and Supply

In previous discussions, we used the circular flow model. We talked about how demanders (consumers and employers) and suppliers (producers and workers) interact to determine market outcomes, which we will call now "equilibrium price" and "equilibrium quantity."

Let's start this lesson's discussion by defining demand and supply. After completing the assigned readings, what is your understanding of demand? Supply? Equilibrium? (Please don't copy and paste; explain in your own words.)

As noted in the textbook, demand and supply do not always remain at a given level. They change. What are the determinants/factors that cause a shift in demand and supply? What are the effects of these changes on equilibrium price and quantity? Please provide examples (market, event, and effect on equilibrium).

Read Chapter3.All posts have to be based on the assigned readings and focused on the week's topics.

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