Supply – Demand Simulation
In pairs create six supply – demand questions of which three must be demand questions and three must be supply questions. Groups must use six different external factors that cause a shift in supply and demand from the list below. There must be no repeat causes within your six questions.
Demand Factors Supply Factors
1. # of buyers 1. # of producers
2. income effect (normal / inferior) 2. resources prices
3. substitute products prices 3. prices of related products
4. complementary products prices 4. change in nature
5. consumer tastes/preferences 5. state of technology
6. consumer expectations 6. producer expectations
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