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 resulte

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)