Question 1 100 Points The following information describes the requirements for your response: It must be at least three paragraphs long (more is usually better), grammatically correct, and demonstrate that you understand and can apply the concepts covered in the first competency module. When writing your response, follow the steps listed below in the order that they appear.

Step One: Begin by defining and differentiating the following concepts: * Demand * Quantity Demanded * Supply * Quantity Supplied

Step Two: Next, describe the factors that cause a change in supply and a change in demand. For example, a change in consumer preferences will cause demand to increase. Remember that fluctuations in the price of a qood or service cause a change in quantity supplied and quantity demanded, not a change in supply or a change in demand.

Step Three: The cost of education and medical services continues to increase in the USA to the point where the average graduate is saddled with a student debt of $30,000 and many people are simply unable to afford medical care. Explain how demand for education and medical services has caused costs to increase and whether or not the government should intervene in the market to promote greater and more equitable access.

Step Four: Explain how the demand or supply curve for education will be affected by the following changes: a) Companies require their employees to have more formal education. b) Schools lower tuition costs. c) The interest rate for loans to finance education falls. d) The government provides more grants to students e) More jobs that don't require a college degree are created f) There is an increase in the number of foreign students in the US