Econ 1002

Reflection Assignment #1 (D&S)

Topic: Looking around: D&S Theory as Evidenced in a Pandemic News Article

Description:

In this reflection you are to find a news article from the pandemic on the web that has some connection to Canada. The goal will be to analyse the change in demand and/or supply of a good/service during the pandemic. Read the article and address the following questions/discussion points:

1. Briefly summarize the article and make note about how your article connects with the theory of supply and demand.

2. Based on the article, what kind of shift or movement along the demand and/or supply curve would be expected? Make sure to explain your reasoning and draw a Demand and Supply graph with the changes shown. Also, address the change in equilibrium price and quantity.

3. How, in the limited amount of economics we have covered thus far, has your perspective on how the economy works changed?