First: Select a good that you previously used, but has been replaced by another good.Analyze the transition from one good to another, and the effects on prices. Example: Apple iPods replaced the Sony Walkman and streaming replaced iPods. What did the rise of the iPod do to the price of the Sony Walkman? What did the move from iPods to streaming do to the iPod?

Second: In labor markets, supply of labor comes from individuals and demand for labor comes from businesses. Recently, there have been pushes across the United States to raise the minimum wage, which has some labor market effects. What are the effects of raising the minimum wage? It is more complex than simply producers lose, and workers gain. Who are the winners and who are the losers, and what exactly do they win and lose? To what extent does the policy change achieve its goals?