1. How would you define a "market" in the economics sense of the word? Give an example of a market for a good or services that does not rely on a physical store or location.
2. How has technology affected how markets are formed (in terms of transaction costs) ? How might this affect prices?
3. define the Law of Demandand the Law of Supply. What's an example of each life that illustrates these laws at work.
4. How can a price ceiling imposed on a particular product create a shortage? Provide a specific example. Would this price ceiling would have to be above or below the market equilibrium price.
5. List each of the factors that can shift a demand curve. a shift of the demand curve, not a movement along the demand curve. In other words, price is not one of the factors.
6. Give a real-life example of how each of these factors has affected the demand curve for a product use different products for each of the examples