Assignment: Read the article (link below) discussing the elements of supply, demand or a price alteration. Connect these very important concepts to the real-world. Jot down a brief of what is occurring in this market, DO NOT GIVE AN ANSWER. It is imperative you understand the difference between a 1) change in quantity demanded (a movement along a fixed curve, see figure 1 caused only by a change in price) and, 2) a change in demand (a movement of the entire curve, see figures 3 & 4 caused by a variety of factors but never price). The same rules apply to the supply curve as well. Practice your critical thinking and your ability to tie these very important concepts to the real world.
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