Question-

1. Explain the difference between a movement along the demand curve and a shift in demand.

a) Explain the difference between a movement along the supply curve and a shift in supply.

b) What factors cause the supply curve to shift? Explain each factor.

c) What factors cause the demand curve to shift? Explain each factor. Can factors that effect demand also affect supply? Yes or No? Explain.

2. 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?

3. What is a market? How have markets changed over the past 20-30 years?