Instructions
Using at least two additional academic sources you will answer the following questions to create a two- to three-page paper:
- Select a natural disaster in recent history and explain in terms of supply and demand how that natural disaster affected specific markets. You may choose which markets to examine. For instance, how would a forest fire in an area with timber harvesting affect supply and demand?
- Articulate the difference between a change in quantity supplied and a change in supply. What causes each to change?
- For the products affected by the natural disaster, describe how market equilibrium and disequilibrium play into your economic evaluation. Can certain predictions be made from an economic perspective?
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