Fundamental Economic Concepts

Answer the following discussions based on the Katrina’s Candies scenario:

From the scenario for Katrina’s Candies, examine the key factors affecting the demand for and the supply of a good in general and Katrina’s Candies specifically. Distinguish between a change in demand and a change in the quantity demanded (movement along the demand curve).

From the above, indicate the factors that are responsible for a shift in demand; and explain how the change is effected by these factors.

Indicate the factors that are responsible for a shift in supply; and explain how the change is affected by these factors.