The Basics of Supply and Demand
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Basics of Supply and Demand
Supply and demand is the foundation of market economics. It is the fundamental concept that determines the price and quantity of goods and services in an economy. The interaction between supply and demand in the market determines the market price and the quantity of goods and services that will be produced and consumed.
Supply refers to the amount of a good or service that is available to be purchased. It is the quantity of a good or service that a seller is willing and able to sell at a given price. The supply curve shows the relationship between the price of a good or service and the quantity that is supplied, holding all other factors constant.
Demand refers to the willingness and ability of consumers to purchase a good or service. It is the quantity of a good or service that a buyer is willing and able to buy at a given price. The demand curve shows the relationship between the price of a good or service and the quantity that is demanded, holding all other factors constant.
When the price of a good or service is low, the quantity supplied is high and the quantity demanded is low. When the price of a good or service is high, the quantity supplied is low and the quantity demanded is high. At the market equilibrium, the price of a good or service is such that the quantity supplied equals the quantity demanded. This is the point at which there is no excess supply or demand in the market.
If the quantity supplied exceeds the quantity demanded, there will be an excess supply in the market and the price will fall until the market reaches equilibrium. On the other hand, if the quantity demanded exceeds the quantity supplied, there will be an excess demand in the market and the price will rise until the market reaches equilibrium.
Supply and demand are also affected by other factors such as the cost of production, technology, consumer preferences, and government policies. Changes in these factors can shift the supply or demand curve, leading to changes in the market price and quantity.
For example, if there is an increase in the cost of production, the supply curve will shift to the left, leading to a higher market price and a lower quantity supplied. On the other hand, if there is an improvement in technology, the supply curve will shift to the right, leading to a lower market price and a higher quantity supplied.
Similarly, changes in consumer preferences or government policies can affect the demand curve. If there is a change in consumer preferences, the demand curve will shift, leading to changes in the market price and quantity. For example, if there is a rise in consumer income, the demand curve will shift to the right, leading to a higher market price and a higher quantity demanded.
In conclusion, supply and demand is the basic concept that determines the price and quantity of goods and services in an economy. The interaction between supply and demand determines the market price and the quantity of goods and services that will be produced and consumed. Supply and demand are affected by several factors such as the cost of production, technology, consumer preferences, and government policies, which can shift the supply and demand curves, leading to changes in the market price and quantity.
RUBRIC
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Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
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10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
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7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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