Draw one for this case. Demonstrate that specialization and trade can benefit both trading partners. Give examples of positive and normative economic statements. Show and explain what happens to the demand for a paperback book when a movie based on the book is released. There has been a decline in sales of tennis racquets recently.
Manufacturers blame high fees for using courts.
Equilibrium price increases and quantity remains the same. Price increases and quantity decreases. Define demand and supply. Use the ideas of excess demand and excess supply. Define and discuss the importance of productivity and opportunity cost.