Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly and state the factors that you believe have caused the shift in supply and/or demand. Class, demand represents the buyers’ side of the business transaction. How well do you understand the difference between change in quantity demanded and shift in demand? Click here to try this interactive challenge and test your skill: Then post here: What did you learn? What are you still confused about?
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