Topic:                  D&S Theory as Evidenced in a Current Affairs News Article

Description: In this reflection, you will 'connect" some practical issue or situation and reflect on how the issue is related to the economic theory of demand & supply.  

Instructions:

1. Read Chapter 3 on Supply & Demand. Supply & Demand Analysis is useful for understanding price changes in product markets.

2. Find a current affairs news article on the web (last 6 months) that has some connection to a recent price change.   For example, you may wish to use supply and demand analysis to explain why gas prices have changed recently, why rental prices have risen in the past year, or why residential property prices have fallen.

3. Address the following questions/discussion points:

a. What, in the article, provides evidence of a connection to the demand and supply model?  Be specific! Discuss why the price has changed.  Also, reflect on how the quantity sold in this market may have changed. Refer to the theory in your textbook.  Has demand shifted and why? Has supply shifted and why? Or have both shifted?

b. How does the model provide you with some clarity on understanding the article OR how does the article provide you with clarity on understanding the model?

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