Economics -  Supply and Demand

 

Go to the following website, and begin at the slide entitled "Supply curve"

Supply and Demand

 

1  What does a supply curve show, and why is it called a positive relationship ?  Give an example other than those on the website

 

2  What does a demand curve show and why is this called a negative relationship ?  Give an example other than those on the website

 

 

3  Define market equilibrium

 

Draw an example supply and demand graph to show the equilibrium point

 

 

 

4  Describe the situations where diseqilibrium may occur

 

5  How do free markets eliminate excess supply and demand ?

 

6  Explain how the government regulates markets so that the most people can have what they desire

 

7  How does the government protect producers ?

 

http://www.mhhe.com/economics/frankb/student/olc/chap04s_els_keyterms.mhtml

8 Define:

 Quantity demanded

Quantity supplied