(Optional) Describe the effect of supply and demand on a free enterprise system.

Description should include examination of

• the relationships among supply, the law of supply, demand, the law of demand, and economic equilibrium
• the effects of shortages and surpluses on the economy (e.g., buyers’ market vs. sellers’ market)
• the effects of changes in supply and/or demand on equilibrium
• dollar vote, as related to supply and demand.