supply and demand curve

You can argue that the concept of supply and demand is probably one of the most fundamental concepts of economics. You learned that demand refers to how much (quantity) of a product or service that is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a specified price. The relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market is willing to offer. The quantity supplied refers to the amount of a certain good producers are willing to supply at a specified price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. In other words, the price reflects supply and demand.

Write an essay examining how the aggregate demand and supply curve works. Expand on these concepts by exploring long and short run aggregate supply curves. Explain what shifts in these curves means and what equilibrium is and how it is achieved. Illustrate how all of this feeds into the IS/MP model (Investment–Savings / Monetary–Policy) in order to forecast the economy or “read the tea leaves.”

This essay should be formatted in APA. The essay content should be 2-4 pages long, and include an additional page with at least two references from distinct sources. You can use your book as one reference and any search engine or library resources (see the Resources tab above) for additional references. Wikipedia is not a credible website and may not be used. You may also import pictures, but it is not required.

 

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