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InstructorComments:  Essential ConceptsDEMAND  Amount of a good that buyers can afford and want to purchase at each possible price and over a period of time, while holding constant all other factors that could affect this amount.Page 6      WARNING:   Demand and quantity demanded are not the same concept. SUPPLY  Quantity of a good that producers can and want to sell for all possible prices offered and over a period of time, while holding constant all other factors that could affect this amount.Page 6WARNING:   Supply and quantity supplied are not the same concept. Using the reading and Intellipath use the above concepts to understand and be able to explain Law of Demand and Law of Supply, market shortage and excess demand,  market surplus and excess supply, and market equilibrium. IP for Unit 1Understand the determinants of the Demand for housing to explain shifts in housing demandUnderstand the determinants of the Supply for housing to explain shifts in housing supplySelect four cities; collect housing price information; present the housing pricesSelect a city or house; state the reasons; support your decision.State two reasons why prices vary from location to locationDiscuss the housing market.: Explain 3–4 ways in which supply and demand affect the prices of the homesSupply and Demand determine housing pricesList the factors that determine housing supply; change in these factors shift housing supplyList the factor that determine housing demand; change in these factors shift housing demand • 2–3 slides of your preferred city to relocate with your reasoning for this choice• 1–2 slides: Explain at least 2 reasons why housing prices vary from city to city• 3–5 slides: Explain 3–4 ways in which supply and demand affect the prices of the homes• 3–5 slides: Include any supply and demand figures or calculations to support your reasoning• Cite sources using APA style. Format:    place and state the list of main ideas and concepts.  Place and post the explanations, the discussions, the definitions and the citations in the note area below each slide.Avoid writing an essay on a slide.First page is title page with your nameLast pages present the reference list in APA format directly on the slide. DB for Unit 1Discuss markets and efficiencyDefine free market. Define efficient market and efficiencyDefine perfect marketDistinguish between “efficiency” and “fairness”Format:   do not post a title section;  each messages has a title.   The main post should present the reference list for the information used in your posts.  Use citations for facts and statistics that you postPost directly to the forumDo not post your required message in an attachmentDo not post your required message as a link.Post a minimum of three times during the unit;   I encourage you to post more than 3 and to respond to comments on your responses.   Correct, amend, change… any message before the end the unit.   Address and clarify any criticism of your posts to the forum. Deliverable Length: 3-4 paragraphsAssignment Type: Discussion BoardAttachments:  Task List: DiscussionBoard LearningMaterials Objectives: View All Objectives Other Info: Assignment will be countedSubmissions will not be added to student ePortfolios