Why does the demand curve slope downward?

b) Why does the supply curve slope upward?

c) Make a distinction between a ``movement along the demand curve`, and the `shift in the demand curve``

d) Describe the market equilibrium

e) Describe the effect of an increasein demand on the equilibrium price

f) Describe the effect of an increase inthe factor cost of a product (e.g.labour, material) on equilibrium price and quantity, that is how will price and quantity change