FOR wordywhizz.

1. Briefly explain the factors of production and give an example of each. 

https://www.youtube.com/watch?v=j9OtQv5eH4w

2. This video clip examines supply and demand of oil. Please discuss the impacts that oil prices have on the economy . What happens when to oil prices when the economy slows versus when it is growing? 

3. Consider products that you use in your everyday life. Provide an explanation and give at least one example for each of the following: a normal good, an inferior good, substitutes, and complements.  

4. Explain why an increase in quantity demanded is not the same as an increase in demand. Which of these would be associated with a rightward shift in the demand curve? What are non-price determinants that could lead to a shift in the demand curve? Is an increase in demand or quantity demanded associated with a movement up the supply curve? 

5. Consider the following scenario and state the expected change in the supply or demand curve. You should note whether the scenario indicates a shift of the curve or movement along the curve: You are a supplier of widgets. The available technology to produce your product suddenly improves.