The Complete sections should have a minimum word count (total per week) of 1200 words and three scholarly sources.
Approved sources for this course include the course textbook and scholarly articles from the Bethel library databases. No other source information is acceptable. EVERYTHING NEEDS TO BE IN OWN WORDS.
This week we will dive into market behavior with supply and demand. Supply and demand are the cornerstones of economics. Pay careful attention to how economists distinguish between a change in demand (supply) and a change in quantity demanded (supplied). The difference comes down to one of causality but is very important for understanding and predicting what will happen in a market. We’ll also take a look at what happens when supply and demand are not allowed to work properly. *See* you on the discussion boards.
Here are some videos to help with this week’s homework assignment. One thing I want to caution you on is to not over thinking the shifts in supply and demand. Generally speaking, when something happens it will shift either supply or demand (but not both). When that shift happens, price and quantity will change. Stop there. Don’t try to think about feedback effects or anything like that.