Pick only one market - either a product and/or service market or a specific labor market. Be specific when answering the questions.

Give an example of a market where you make purchases or work.

Explain how the market works.

Who is/are the buyer(s)?

Who is/are the seller(s)?

How many buyers and sellers participate in this market?

What is the product and/or service being sold?

How are prices set in the market?

How is the quality/service set?

Are there innovations in the market? How do they occur?

In your market, is there a surplus, shortage or equilibrium most of the time?

When (if ever) does the market come to equilibrium?How do you know when there is equilibrium?