Any help would be greatly appreciated! Module 1 Supply amp; Demand Openstax Chapter 3.1 1. Define demand? Explain the difference between a demand

Any help would be greatly appreciated!

Module 1 Supply & Demand

Openstax Chapter 3.1

1.      Define demand? Explain the difference between a demand curve and a demand schedule?

2.      Explain the law of demand?

3.      Define supply? Explain the difference between a supply curve and a supply schedule?

4.      Explain the law of supply?

5.      Define the equilibrium price?

6.      Define a shortage and explain why it occurs.

7.      Define a surplus and explain why it occurs.

Openstax Chapter 3.2

8.      Explain the concept of an increase in demand. Show an increase in demand using a fully labeled graph.

9.      Explain the concept of a decrease in demand. Show a decrease in demand using a fully labeled graph.

10.  Identify 6 factors that increase demand and provide an example.

11.  Define a normal good. Define an inferior good.

12.  Explain the concept of an increase in supply. Show an increase in supply using a fully labeled graph.

13.  Explain the concept of a decrease in supply. Show an increase in supply using a fully labeled graph.

14.  Identify 5 factors that increase supply and provide an example.

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