Discuss what you think will happen to the supply, demand, and price of the product in the short-term.

1. Discuss what you think will happen to the supply, demand, and price of the product in the short-term.

2. Discuss what you think will happen to supply, demand and price of the product in the long- term.

3. Explain why you think supply, demand or equilibrium price will be different, if at all, in the short-term and long term.

4. Identify the factors of production (economic resources including natural, human, and financial resources) and for each factor of production give an example of what might be needed to operate that business (Chose: Laundry detergent)

5. Explain how that factor could be used to give the business a competitive advantage.

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