Change in Supply or Demand
Find an article about a current event that discusses a change in the supply or demand of a product. For example, has there been a weather event that has affected certain food crops or the availability of energy? Has a new consumer product been introduced? Or has a government regulation affected the production of a product? Provide a brief description of the article’s content and explain how economics can be used to analyze the situation and predict changes in equilibrium prices and quantities. Will the change likely persist over time, or is it temporary?
In responding to your classmates’ posts, discuss how consumers or business managers use the information in the recent change in supply and demand to make decisions for their products and services.