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- Students who have fallen behind in understanding market demand schedules or working with a market supply schedule
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- Test your understanding of each lesson with short quizzes.
- Verify you're ready by completing the Demand, Supply and Market Equilibrium chapter exam.
Why it works:
- Study Efficiently: Skip what you know, review what you don't.
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Students will review:
This chapter helps students review the concepts in a Demand, Supply and Market Equilibrium unit of a standard college-level principles of macroeconomics course. Topics covered include:
- Market demand schedule
- Market supply schedule
- Law of downward-sloping demand curve
- Upward-sloping supply curve
- Market equilibrium calculation
1. Market Demand Schedule
Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.
2. Market Supply Schedule
Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.
3. The Law of the Downward Sloping Demand Curve
Discover the relationship between the quantity demanded and price of a good or service in a market. This lesson explains why the demand curve is downward sloping and what factors will lead to a shift in demand.
4. The Upward-Sloping Supply Curve
Discover the relationship between the quantity of a good or service that is produced and its price. This lesson explains the supply side of a market, including the factors that lead to a shift in supply.
5. How to Calculate Market Equilibrium
Supply and demand is an important part of macroeconomics. In this lesson, you'll learn how to calculate the equilibrium price and quantity in a market at the intersection of the supply and demand curves.
6. How Changes in Supply and Demand Affect Market Equilibrium
Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.
7. Inferior Good in Economics: Definition & Examples
Learn about inferior goods and discover how they differ from normal goods. See some everyday inferior goods that you may have in your apartment or house.
8. Calculating Equilibrium Price: Definition, Equation & Example
How is the market price determined? This lesson will explain what the market price is and also walk you through an example of determining the equilibrium price.
Equilibrium Price Flashcards
Market equilibrium depends largely upon supply and demand. These flashcards will define and demonstrate how the market price is both determined and brought into balance.
10. Market Equilibrium in Economics: Definition & Examples
Market equilibrium is one of the most important concepts in the study of economics. In this lesson, you'll learn what market equilibrium is and how it is established, and you'll also be provided some examples. A short quiz follows the lesson.
11. Normal Good in Economics: Definition & Examples
Learn about the unique attributes of a normal good. When do you buy them, and what are some examples? Find out how your income plays a factor in the purchase of these goods, and explore some different scenarios to help clarify your understanding.
12. Supply Shock: Definition & Examples
If a hurricane knocks out a few offshore oil rigs, you may see a run on gas stations because of a supply shock. In this lesson, you'll learn about what a supply shock is and be given some examples. A short quiz follows.
13. The Fallacy of Composition in Economics: Definition & Examples
Learn what the fallacy of composition is and why this type of reasoning can lead to the wrong conclusions in a variety of economic situations. Find out how your ability to save money as compared to the country as a whole is a great example of this fallacy.
14. The Income Effect in Economics: Definition & Example
In this lesson, you'll learn about income effect, or how changes in wages and prices affect your purchasing decisions. You'll also explore some real-life examples of income effect and their impact on our everyday lives.
15. The Market Supply Curve: Definition, Principles & Equation
Learn the purpose of the market supply curve and its underlying principles. Explore the primary focus of market supply curves and how to calculate the supply curves of individual firms.
16. The Market System in Economics: Definition, Characteristics & Advantages
There are areas of the world where the government controls everything. Others give the people freedom to choose. The type of economy is a major part of how a society runs. This lesson discusses a market economy and how it functions.
17. The Substitution Effect in Macroeconomics: Definition & Example
Learn what the substitution effect is and how it may affect your life every time you go to the grocery store. See some everyday examples of the substitution effect at work.
18. Theory of Constraints: Definition & Examples
Improving output and productivity is a goal of manufacturing. This lesson will discuss the theory of constraints, a methodology used to improve production and profit. Examples will be discussed.
19. What is a Bull Market? - Definition & Meaning
Did you know that a bull market is named as such because bulls attack their opponents by swinging their horns upward? Learn more about a bull market, its characteristics, and how it differs from a bear market. Then test your knowledge with a quiz.
20. Elasticity in Economics: Practice Problems
Let's solve some elasticity problems. We will do one each for price elasticity, income elasticity and cross price elasticity. We will interpret what the answers mean at the end. All work will be shown and explained!
21. The Money Illusion: Definition & Examples
After this lesson, you'll never look at money the same! In fact, after reading this lesson you may find that you, too, have fallen into this trap called the money illusion, but we'll figure out how to get around that.
22. Capital Consumption Allowance (CCA): Definition & Formula
This lesson will define and explain the capital consumption allowance. It is an important measure in calculating whether a nation is increasing its capital stock which affects its standard of living.
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Other chapters within the Introduction to Macroeconomics: Help and Review course
- The Production Possibilities Curve: Help & Review
- Comparative Advantage, Specialization and Exchange: Help and Review
- Measuring the Economy: Help and Review
- Inflation Measurement and Adjustment: Help and Review
- Understanding Unemployment: Help and Review
- Aggregate Demand and Supply: Help and Review
- Macroeconomic Equilibrium: Help and Review
- Inflation and Unemployment: Help and Review
- Economic Growth and Productivity: Help and Review
- Money, Banking, and Financial Markets: Help and Review
- Central Bank and the Money Supply: Help and Review
- Fiscal and Monetary Policies: Help and Review
- Foreign Exchange and the Balance of Payments: Help and Review
- Inflows, Outflows, and Restrictions: Help and Review
- Government & the Economy: Help and Review
- The U.S. Economic System