Demand – The factors that can shift demand & the impact of an increase or decrease in demand on equilibrium price (Pe) and equilibrium quantity (Qe).
OR
Supply – The factors that can shift supply & the impact of an increase or decrease in supply on equilibrium price (Pe) and equilibrium quantity (Qe).

You will need to find a current article – must be dated August 2020 to present day – that provides a good example of either Demand or Supply. The purpose is to show that you can make the connection between what you’re learning in class and what is happening in the real world. The article must be from a credible news source/newspaper/magazine (we will not argue about whether their news
reporting is accurate!). For example: Fox News, CNN, Washington Post, BBC, Columbus Dispatch, etc. You can find economic issues in all kinds of magazines and newspapers.

Part 1 (40%):
– Explain as completely as you can what an economist means by demand (or supply).
– What is meant by a change in demand (or supply) and change in quantity demanded (or quantity supplied)?
– EXPLAIN THE CONCEPT IN YOUR OWN WORDS and be sure to explain them fully.
– DO NOT REFER to your article yet.
– Identify ALL the factors that can shift a demand (or supply) curve (those in the text and in the presentations). Explain briefly how each factor impacts the respective curve you have chosen (could be several paragraphs)
– Explain what happens to Pe and Qe when demand (supply) increases and when demand (supply) falls.
– Make sure all the points I have highlighted about have been discussed on page 1. However, it should all be presented in a logical progression. I am looking to see how well you can articulate the economic principle you have chosen to discuss.

Part 2 (35%):
– Provide a short summary of the article you selected that represents a situation where there is or you anticipate a shift in demand or supply for some product or service.
– EXPLAIN how the article illustrates the concept you are discussing (demand or supply). Your task is to demonstrate a working knowledge of economics, NOT to simply summarize an article.
– Play the role of the economics professor who’s constructing an example to illustrate a concept in class.
– Spend most of your time relating the article’s events to at least 1 of the determinants of demand (or supply) you explained on page 1. Be very explicit in identifying the determinant responsible for the curve shift and in explaining why the curve will move as you predict.
– Do you see demand or supply rising or falling? As an economist, what impact do you predict this change will have on Pe and Q
– You must attach a copy of the article or provide a link if it is online. Without it, your paper cannot be graded.

Part 3 (25%):
– GRAPH
– Construct a properly labeled graph of supply AND demand for the market discussed in your article.
– If your article discusses a situation where you expect demand to shift, then label the initial demand curve D0 and the initial equilibrium price and equilibrium quantity as Pe0 and Qe0, respectively. Now, staying on the same graph, if your topic is demand draw in the new demand curve and label it D1. Leave the supply curve alone if your article/paper is not discussing changes in supply. Find and label the new equilibrium values Pe1 and Qe1.
– If you’ve chosen to write about supply, draw in the new supply curve (label it S1) to show the increase or decrease in supply. In this case, leave the demand curve as it is. Label the new equilibrium values Pe1 and Qe1.
– Don’t worry if you don’ t have numbers to put on your graph; relative changes in Pe and Qe will suffice.
– Make sure your graph has all curves and axes labeled; the equilibria price and quantity identified on the appropriate axes as well as what market or good is being depicted.
– You are welcome to use any method to create your graph, including hand drawing it. If you hand draw it, just scan it or take a picture and send it to me via email along with your paper.

GENERAL INFORMATION:
1. Length: MINIMUM of 2 – 3 pages including the graph
2. Format: MLA, double-spaced, 12 point font
3. Due Date: Saturday November 14th 2020. Submit via email
sasiamah@cscc.edu
4. Grading: Will be based on the economic content, appropriate application of
the principle, and a properly constructed graph. Grammar, spelling, and
punctuation count too!
– Do you have the economic principle correct?
– Is your explanation of it complete, clear and logical?
– Does the article illustrate the topic principle as you suggest?
– Is the connection between the situation/article and the principle clearly
explained?
– Don’t forget to send along a copy of your article.
– Have you provided a properly constructed and labeled graph?

TERM PAPER(1)

APA

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