In a 1-page (double-spaced) essay,
1) Explain the Law of Demand and include a graph that illustrates or displays a demand curve. Then explain what causes movement along a demand curve.
2) Explain the Law of Supply and include a graph that illustrates or displays a supply curve. Then explain what causes movement along a supply curve.
YouTube videos that might be helpful and attached file of book.
Introduction to Economics (MRU) – 3:31
Circular Flow (St. Louis Fed) – 8:34
Models and Theories (MJM) – 3:26
Micro vs. Macro (MJM) – 0:48
What is Economics and Why is it Important (Mr G) – 6:23
Microeconomics and Macroeconomics (Mr G) – 2:13
Production Possibilities Frontier – Scarcity and Opportunity Cost (St. Louis Fed) – 5:13
Positive vs. Normative Statements (MJM) – 1:24
Specialization and Trade (Mr G) – 5:36
Individual PPC (MJM) – 6:19
Opportunity Costs (MJM) – 3:38
PPC and Resource Changes (MJM) – 3:04
Diminishing Marginal Utility – 4:16
Law of Supply, Law of Demand, and Equilibrium (St. Louis Fed) – 5:26
The Equilibrium Price and Quantity (MRU) – 4:50
Market Equilibrium (MJM) – 5:12
The Labor Market (St. Louis Fed) – 5:28
Price Floors: The Minimum Wage (MRU) – 9:45
Demand and Supply in the Labor Market (Mr G) – 17:43