Like bread and butter go together, so do supply and demand. In this activity, you will select a country and explore the concepts of supply and demand and market equilibrium.
Locate a recent article (published within the last year) that discusses supply and demand of an exported good at the macro level. You can use the Hunt Library, newspapers, new stations, or other credible sources to locate an article. Analyze your selected country’s exported good and determine the market equilibrium. Include the following in your discussion.
- Identify the country chosen.
- Discuss the exported good.
- Define the Law of Supply and the Law of Demand.
- Examine the concepts of change in demand, change in quantity demanded, change in supply, and change in quantity supplied and state how these concepts apply to your selected country.
- Identify the determinants of supply and demand.
Explain factors that will shift the supply and/or demand curves to the left and/or to the right.
Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.