ECO 550 Week 1 Discussion 1 "Fundamental Economic Concepts" Please respond to the following: • Answer the following discussions based on the Katrina- Candies scenario: o From the scenario for Katrina- Candies, examine the key factors affecting the demand for and the supply of a good in general and Katrina- Candies specifically. Distinguish between a change in demand and a change in the quantity demanded (movement along the demand curve). o From the above, indicate the factors that are responsible for a shift in demand; and explain how the change is effected by these factors. o Indicate the factors that are responsible for a shift in supply; and explain how the change is affected by these factors.
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