ECON 211 Macroeconomics Week 3 discussion
Here are the instructions for this discussion. Since it is a discussion, there is no need for a title page.
Like bread and butter go together, so do supply and demand. In this activity, you will select a country and explore the concepts of supply and demand and market equilibrium.
Locate a recent article (published within the last year) that discusses supply and demand of an exported good at the macro level. You can use the Hunt Library, newspapers, new stations, or other credible sources to locate an article. Analyze your selected country’s exported good and determine the market equilibrium. Include the following in your discussion.
Identify the country chosen.
Discuss the exported good.
Define the Law of Supply and the Law of Demand.
Examine the change in demand, change in quantity demanded, change in supply, and change in quantity supplied. State how these concepts apply to your selected country.
Identify the determinants of supply and demand.
Explain factors that will shift the supply and/or demand curves to the left and/or to the right.
Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.
Solution Preview
The chosen country of study for this research is Kenya which is among the leading tea producers in the world. Tea was first introduced in the African country by British settlers in the late 18th century.
(397 words)