EC-011 Individual Activity 1: Effects on Supply and Demand

Listed below are 10 events that could have some influence on the supply and demand of a product. Read each of these events, and decide which factors that affect either consumers or sellers (utility, buying power, price of other goods and services, consumers, cost of production, number of producers, future prices, disasters and emergencies, government, or technology) are represented. Below each statement, write the name of the factor represented by each event and identify which group (consumers or sellers) it would influence.