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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