Given the Products Below and the Events That Affect Them

question 3

Essay

Given the products below and the events that affect them, indicate what happens to demand, supply, equilibrium quantity, and equilibrium price.Identify the determinant of demand and supply that causes the shifts.(a) Calculators.More schools require students to buy and use calculators; improved productivity shortens the time it takes to make calculators.(b) Gasoline.Oil production declines due to a crisis in the Middle East; people take more car vacations and drive more.(c) New homes.The average incomes fall as the economy moves into recession; the productivity of home construction workers and builders increases.(d) Tobacco.The government cut its subsidy to tobacco farmers; more people quit smoking.

---

Definitions:

Social Change

The significant alteration of social structure and cultural patterns through time.

Demographic Factors

Characteristics of a population used in social science studies, such as age, gender, income level, education, and ethnicity.

Political Regime

The form of government or a set of rules, cultural or social norms, that regulate the operation of a government or institution and its interactions with society.

Proselytizing

The act of attempting to convert someone to another religion or belief system.