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- Explain the purpose of a market demand schedule.
- Understand what the market supply schedule represents.
- Provide examples that show why demand curves are downward sloping.
- Use examples to explain why supply curves are upward sloping.
- Calculate market equilibrium.
- Describe how market equilibrium is affected by changes in supply and demand.
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. The Elasticity of Demand: Definition, Formula & Examples
Do people buy more when prices drop? How much more do they buy? These questions can be answered by evaluating a good's elasticity of demand, which is defined and illustrated in this lesson with a few examples.
8. Supply in Economics: Definition & Factors
You will be introduced to one of the main concepts in economics: supply. Have you ever considered how a producer determines how much of a product to supply? Learn what factors change the supply and how suppliers react to changes in market price.
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