ECO 550 Week 1 Discussion Question
ECO 550 Week 1 Discussion Question
Fundamental Economic Concepts Please respond to the following:
From the scenario, examine the key factors affecting the demand for and the supply of a good or service. Distinguish between changes in demand and changes in the quantity demand. Indicate the factors that could lead to changes in demand / supply and changes in the quantity demanded / supplied. Determine the sets of factors that could lead to an increase in supply or demand on the one hand and a decrease in supply or demand on the other.
From the e-Activity, examine the key factors that influence the supply and demand of the selected good or service. Propose two (2) methods in which organizations that provide the selected good or service may utilize this information. Provide a rationale for your response.