About This Chapter
Who's it for?
This unit of our Macroeconomics Homeschool course will benefit any student who is trying to learn about the laws and concepts of demand, supply and market equilibrium. There is no faster or easier way to learn about economics. Among those who would benefit are:
- Students who require an efficient, self-paced course of study to learn about demand schedules, supply schedules, market equilibrium and the substitution effect.
- Homeschool parents looking to spend less time preparing lessons and more time teaching.
- Homeschool parents who need an economics curriculum that appeals to multiple learning types (visual or auditory).
- Gifted students and students with learning differences.
How it works:
- Students watch a short, fun video lesson that covers a specific unit topic.
- Students and parents can refer to the video transcripts to reinforce learning.
- Short quizzes and a demand, supply and market equilibrium unit exam confirm understanding or identify any topics that require review.
Demand, Supply and Market Equilibrium Unit Objectives:
- Define a demand schedule and explain how it is utilized.
- Describe how a market supply schedule is developed.
- Explain the law of demand and the downward sloping demand curve.
- Illustrate the upward sloping supply curve.
- Define market equilibrium.
- Explore the effects of supply and demand on market equilibrium.
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.
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Other chapters within the AP Macroeconomics: Homeschool Curriculum course
- Scarcity, Choice & Production Possibilities Curve: Homeschool Curriculum
- Comparative Advantage, Specialization & Exchange: Homeschool Curriculum
- Measuring the Economy: Homeschool Curriculum
- Inflation Measurement & Adjustment: Homeschool Curriculum
- Understanding Unemployment: Homeschool Curriculum
- Inflation and Unemployment: Homeschool Curriculum
- Aggregate Demand and Supply: Homeschool Curriculum
- Macroeconomic Equilibrium: Homeschool Curriculum
- Economic Growth and Productivity: Homeschool Curriculum
- Money, Banking and Financial Markets: Homeschool Curriculum
- Central Bank and the Money Supply: Homeschool Curriculum
- Fiscal and Monetary Policies: Homeschool Curriculum
- Foreign Exchange & Balance of Payments: Homeschool Curriculum
- Inflows, Outflows and Restrictions: Homeschool Curriculum