Economics Homework Week3

1   State and explain the difference between the law of demand and the law of supply.  What does the phrase other things equal mean?  Why do we need that?  (10)
 
2    a. In your own words, explain the difference between a movement along the demand curve and a shift in demand.  Then, provide an example from your own personal life where you have experienced each one.  (10)
      b. In your own words, explain the difference between a movement along the supply curve and a shift in supply.  Then, provide an example from your own personal life where you have experienced or witnessed each one.  (10)
 
3   a. List all the factors that cause the demand curve to shift.  Explain what each factor is and provide a real world example of each one (20) .  
     b. List all the factors cause the supply curve to shift.  Explain each factor.  Explain what each factor is and provide a real world example of each one.   (15)
 
4   What is the difference between:
    A  Normal and inferior goods?  Define each one and provide two real world examples of each one from your own personal life (5)
    B   Substitute and complementary goods?  Define each one and provide two real world examples of each good from your own personal life  (that is four examples) (10)

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