Question

Write a reflection about your learning in this unit. Your reflection should be at least three sentences. Use the following sentence starters as a guide.

I feel confident understanding the...
In order to remember...
I think I need more practice with...
Explain the law of demand and the relationship of the concept of incentives and substitutes to the law of demand.
Identify the determinants of demand (e.g., changes in related goods, income, consumer expectations, preferences/tastes, and number of consumers) and analyze the impact they have on the demand curve.
Explain the law of supply and the relationship between elasticity of supply and time.
Analyze the production cost of a firm and how it impacts the business and consumers.
Identify the determinants (shifters) of supply (e.g., changes in costs of productive resources, government regulations, number of sellers, producer expectations, technology, and education) and analyze the effect they have on supply.
Demonstrate how supply and demand determine equilibrium price and quantity, and how changes in supply and demand influence equilibrium price and quantity.
Analyze the impact of price ceilings and price floors on the quantity of a good or service supplied and demanded in a market.
Evaluate the role of price in a free market.
Compare and contrast the characteristics of the four market structures (e.g., monopoly, oligopoly, monopolistic competition, and perfect competition).
Identify laws and regulations adopted in the U.S. to promote competition among firms, and explain the costs and benefits of government regulations on competition.

Answer 1

I feel confident understanding the concepts of supply and demand, as well as the determinants that shift both curves. In order to remember these concepts better, I plan to review and practice using real-life examples. I think I need more practice with analyzing the impact of price ceilings and floors on the quantity of goods supplied and demanded in a market.