ECO 212 Week 2 Learning Team Assignment Supply, Demand and Price Elasticity Paper
Resources: Principles of Economics textbook and Tomlinson Economics Videos
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Review the following Tomlinson Economics Videos available on your student Web site:
Demand (4.2-1 to 4.2-5)
Supply (4.3-1 to 4.3-5)
Putting Supply and Demand Together (4.4-1 to 4.4.-3)
Write a 700- to 1,050-word paper summarizing the content presented in the videos. In the paper, be sure to address the following:
Explain what causes changes in supply and demand.
Determine how changes in price and quantity influence market equilibrium.
Describe how the necessity of a good and the availability of substitutions affect price elasticity.
Compare and contrast market systems and the role of an economist within these systems.
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