What is the economic definition of supply?

1: What should be in each of the sections of your paper,whatsequence should thesections bein, and what percentage of the overall paper grade are each section? The following discussion will give you the answers!Cover page and running headerThe first four paragraphsof contentrelate to overall economic theory concepts–What is the economic definition of demand?5%What is the economic definition of demand and what does it mean?What are the specific economic factors that affect demand for anyproduct?5%List and discuss the major factors that affect demandin general.What is the economic definition of supply?5%What is theeconomic definition of supply and what does it mean?What are the specific economic factors that affect the supply of anyproduct?5%List and discuss the major factors that affect supplyin general.The next fourparagraphsof content apply specifically to the product you selected–What specific factors affect the demand for yourproduct?10%Remembering that this is an economicspaper, what factors in the marketplace determinethe demand for your product? This is not simply “lots of people like it” butshould show why people chose to buy or choose not to buy your product.NOTE –Itprobably has something to do with the factors that affect demand in general.What specific factors affect the supply of yourproduct?10%Remembering economics, what factors in the marketplace determinethe demand for your product? This is not simply “lots of people want it so stores carry it.” Manufacturers make a lot of different products andstores sell a lot of different products. Why did manufacturers make thisparticular amount of your product and why did stores carry this amountof your product?NOTE: It probably has something to do with the factors that affect supply in general.How have changes in supply and/or demand affected the equilibrium25%price for yourproduct?How have prices changed for your product in recent years and whatsupply and/or demand factors brought about these changes?What changesdo you anticipate inthe demand and/or supply of this10%product in the near future? Do you expect that there will be changes in either supply and/ordemand?If so, what do you think those changes will be? What factors will drivethese changes? If you DON’T think there will be changes, why won’t there?References(minimum of three)