change in supply and a change in demand

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Identify the factors that lead to a change in supply and a change in demand
Using the Internet and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050-1,400-word paper in which you:

Define economics
Define Law of Supply
Define Law of Demand

Identify the factors that lead to a change in supply and a change in demand

Analyze the basis for the trends in consumption patterns discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, market prices of those products or services. Be prepared to discuss this assignment in class.

In this piece we intend to define and analyze the meaning of economics, the law of demand and the law of supply. We will also enumerate the factors that cause changes in supply and demand. We will analyze an article that discusses consumption of oil. We will observe in real life how different factors affect demand and supply of oil.
We can define economics as discipline that is focused on the production, distribution and consumption of goods and service. It also means economics is the science of how societies allocate and manage their scarce resources. It is the study of effort to please unlimited wants with limited resources.
The law of supply means that if all other factors are kept equal, as the price of a good or service increases, the quantity of goods or services offered by supplier's increases. It also means that if the demand is held constant if there is an increase in supply there will be a decrease in prices. In other words it means that the quantity of good supplied increases as the price rises and decreases as the price reduces.
We can define the law of demand by saying that if all other factors are kept ...