Introduction
Market economies constantly change depending on the demand and supply of goods. The demand and supply of a particular service or good is dependent on the unique characteristics of the product that determines the quantity that individuals in the particular market are willing to consume. Other important determinants include the price of the product, the consumer’s preferences; the price of other related products as well as the demographic and income characteristics of the population (Rittenberg & Tregarthen, 2012). The concepts of supply and demand studied in the course are crucial concepts in economics as they are the backbone of ...