Explain the difference between a movement along demand and supply curves and a shift of demand and supply curves.
This assignment focuses on demand, supply, and equilibrium. Let’s start with the basics. Begin your essay by providing the following information.
- Explain the difference between a movement along demand and supply curves and a shift of demand and supply curves.
- What can cause the above situations? Provide an example for each.
- Describe how equilibrium is found.
- Describe how a shift of the demand or supply curve can affect equilibrium.
Now, select an industry with which you are familiar or one you would like to study. This industry will also be used in future assignments for this course.After selecting your industry, identify a product or service that your chosen industry produces. Add the following information.
- Define the current status of supply and demand for the product or service you identified.
- Identify at least one factor that has caused the supply curve to shift for that product or service.
- Identify at least one factor that has caused the demand curve to shift for that product or service.
Your essay must be a minimum of two pages, not counting the reference page. Be sure to include an introduction. Use a minimum of three peer-reviewed scholarly sources; at least one of these must come from the CSU Online Library. Information regarding peer-reviewed articles can be found in the tutorial Peer-Reviewed Articles.All sources used, including the textbook, must be referenced. Adhere to APA Style when creating citations and references for this assignment. APA formatting, however, is not necessary.