Demand: Buy A Specific Good Or Service At A Given Price (Term Paper Sample)
TERM PAPER Read Thoroughly BEFORE You Start Writing!
You have the option of writing about either SUPPLY OR DEMAND (not both).
Demand - The factors that can shift demand & the impact of an increase or decrease in demand on equilibrium price (Pe) and equilibrium quantity (Qe).
Supply - The factors that can shift supply & the impact of an increase or decrease in supply on equilibrium price (Pe) and equilibrium quantity (Qe).
Explain as completely as you can what an economist means by demand (supply). What is meant by a change in demand and change in qty demanded? EXPLAIN THE CONCEPT IN YOUR OWN WORDS. Do not quote the book and don't refer to your article yet.
Identify ALL the factors that can shift a demand (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.
Select an article FIRST PUBLISHED THIS SEMESTER that represents a situation where there is or you anticipate a shift in demand or supply for some product or service. You must attach a copy of the article or provide a link if it is online. Without it, your paper cannot be graded. Your article must be something published this semester. Use any publication you like. Business publications are fine, but so are Sports Illustrated, Newsweek, your neighborhood Booster. You can find economic issues in all kinds of magazines and newspapers.
Briefly explain the situation. EXPLAIN how the article illustrates the concept you are discussing. Your task is to demonstrate a working knowledge of economics, NOT to simply summarize an article. Play the role of the econ 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 (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 Qe?
Graph. Construct a properly labeled graph of supply AND demand for the market discussed in your article. Label the initial demand (supply) curve D0 (S0) and the initial equilibrium price and equilibrium quantity 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. 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, let the demand curve stay put. 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; what units are being used to measure price and quantity; as well as what market or good is being depicted. Finally a title on the graph is necessary. the title should include the market and description of what is occurring in the graph below.
Late papers will not be accepted! Make sure you've included a copy of your article. Without it your paper cannot be graded.
A MINIMUM of 2-3 typed pages PLUS your graph page and, a copy (or link) to your article.
Date stamp on e-mail/fax submissions will count as the date a paper was turned in. YOUR PAPER WILL NOT BE COUNTED AS "SUBMITTED" IF IT IS MISSING ANY OF ITS PARTS (i.e., graph, article etc.) so please check your work before you send it in. You should receive a confirmation e-mail within 2 business days. If you don't, please send an e-mail inquiry.
Economic content, appropriate application of the principle, and a properly constructed graph all count. Grammar, spelling, and punctuation count, too!
Do you have the economic principle straight? 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, as appropriate?
Grammar/spelling/punctuation matter! You can drop your scorequickly by failing to PROOFREAD. For help, contact theWRITING CENTER -- 245 Franklin. Penned-in corrections arecounted as proofreading misses. Suggestion: proofread, pencilin the corrections needed, make them and re-print your paper.
The 96 possible points
According to an economist, demand is an economic principle that explains the desire and willingness of a consumer to buy a specific good or service at a given price. The buyer drives the demand side of the market. When factors like income and change in the price of substitute goods change, they influence the consumer to alter the demand for a particular good. This results in a change of demand of that good. The factors do not include a change in the price of that good. Change in demand causes a shift of the demand curve either to the left or right. Consequently, a change in the price of a commodity may affect buyers causing a change in quantity demanded of the good. For instance, a drop-in price of bananas would increase the quantity demanded. Change in quantity demanded results in a movement along the demand curve.
Factors that can shift the demand curve include income, taste and preferences, the price of related goods, future expectation and population. A decrease in income lowers the purchasing power of individuals while an increase in income positively affects the purchase of goods. If taste and preference for a certain commodity changes in a consumer, the demand for it also change to suit the acquired preferences. Thus, resulting in a shift in demand. On substitute price,
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