For Term Paper #1 you are required to pick a product or service you use in your everyday life and describe the market for this product. Please make sure to address the following questions:1. What factors influence the demand for this product? What factors influence the supply of this product?2.How have these changes in supply and demand affected the equilibrium price of this product?3.Do you anticipate any changes to the demand and/or supply of this product in the near future? If so, what is driving these changes?Complete this essay in a Microsoft Word document in APA format. Your work will automatically be submitted to Turnitin for plagiarism review. Please note that a minimum of 700 words for your essay is required.