Principles of Economics Assignment 2: Analysis of Core Economic Concepts and Market Applications

Assignment Brief

1. Ensure proper numbering of answers according to the questions.
2. Font size 12 in Arial OR Times New Roman font.
3. You must double space the writing (with the exception of the Reference List).
4. As this is an academic assignment, you should gather information from a variety of sources e.g. books, journals, newspapers, online articles etc.
5. Please cite your sources in APA citation format.
6. Include in-text citations and a Reference List. You are to provide at least 3 references.
7. Submit though the Canvas LMS.
8. Assignment is subject to plagiarism check.
9. DO NOT insert any header or footer (including page number) in your assignment as this will affect your plagiarism report.

Principles of Economics

Question 1
ONE (1) Economics concept which had interested you the most and discuss this concept with the help of an example within 200 words.
(10 marks)

Question 2

a) Describe a real-world event which can affect a product and lead to a change in ONE (1) demand factor. Draw a complete demand/supply model to illustrate how the event has resulted in change to the equilibrium price and equilibrium quantity of the product concerned.
(10 marks)

b) Describe a real-world event which can affect a product and lead to a change in ONE (1) supply factor. Draw a complete demand/supply model to illustrate how the event has resulted in change to the equilibrium price and equilibrium quantity of the product concerned.
(10 marks)

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