1. Distinguish between a change in quantity demanded or quantity supplied and a change in demand or supply. How would you represent each change graphically?

2.  Contrary to conventional economics, physicians (the suppliers) typically decide the quantity and type of health care services their patients (the demanders) will purchase. What is it about medical services that usually allows the supplier to determine the demand?

3. Use the Four-step process to determining how an economic event affects equilibrium price and quantity to explain the rise in gas prices at the pump in the USA

●Step 1. Draw a demand and supply model before the economic change took place.

●Step 2. Decide whether the economic change affects demand or supply.

●Step 3. Decide whether the effect causes a curve shift to the right or to the left,  and sketch the new curve on the diagram.

●Step 4. Identify the new equilibrium and then compare to the original.

4. Select one of the factors that affect demand, below, and give an example of how this relates to any product or service for sale in the USA today:


•Changing tastes or preferences

•Changes in the composition of the population (demographics)

•Price of substitute or complement changes

•Changes in expectations about future

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