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Ch 3: Demand, Supply & the Economic Market

About This Chapter

This self-paced chapter provides engaging lessons you can access any time to strengthen your knowledge of demand, supply and the economic market. Short quizzes and a practice exam can gauge your comprehension as you study for a test or aim to earn course credit.

Demand, Supply & the Economic Market - Chapter Summary

This chapter makes studying the basics of demand, supply and the economic market fun and simple. Review entertaining lessons developed by top instructors to examine topics like the law of demand in economics, the market supply curve and factors that affect the market demand curve. Each lesson is paired with a multiple-choice quiz you can take to check your knowledge of the concepts it covers. Any questions you have about these topics can be submitted to our experts. All the study resources in this chapter are available 24/7 using any computer, smartphone or tablet. Utilize them whenever and wherever your schedule permits to ensure you're able to:

  • List and describe the five determinants of demand and discuss their relationship to the demand curve
  • Provide a description of the law of the downward sloping demand curve
  • Define and share examples of the law of supply
  • Exhibit knowledge of the quantity supplied of a good
  • Discuss the upward-sloping curve and factors that lead to a shift in supply
  • Calculate market equilibrium
  • Explain ways changes in supply and demand impact market equilibrium
  • Describe the self-adjustment of prices in macroeconomics
  • Detail how market outcomes help determine what to produce

10 Lessons in Chapter 3: Demand, Supply & the Economic Market
Test your knowledge with a 30-question chapter practice test
What is the Law of Demand in Economics? - Definition & Example

1. What is the Law of Demand in Economics? - Definition & Example

Learn about one of the most fundamental laws in economics and how it is ingrained in your thinking and actions. Hear about some examples that reinforce this powerful law and a few rare exceptions.

Five Determinants of Demand & the Demand Curve

2. Five Determinants of Demand & the Demand Curve

Everything around us involves buying products or availing services from firms and individuals. In this lesson, understand how and why people end up buying certain things and patronizing particular services.

The Law of the Downward Sloping Demand Curve

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.

Factors that Affect the Market Demand Curve

4. Factors that Affect the Market Demand Curve

Just like any other demand curve, there are a number of factors that can affect the market demand curve. This lesson introduces many of them and explains how difficult it can be in real life to actually measure equilibrium.

Law of Supply: Definition & Example

5. Law of Supply: Definition & Example

This lesson explains the law of supply. We will discuss the connection between the law of supply and pricing and cover several examples to further explain the law of supply in action.

Quantity Supplied of a Good: Definition & Overview

6. Quantity Supplied of a Good: Definition & Overview

Many economic issues revolve around supply, demand and price. In this lesson, you'll learn about supply and related concepts. You'll also have a chance to reinforce your knowledge with a short quiz after the lesson.

The Upward-Sloping Supply Curve

7. 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.

The Market Supply Curve: Definition, Principles & Equation

8. 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.

How to Calculate Market Equilibrium

9. 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.

How Changes in Supply and Demand Affect Market Equilibrium

10. 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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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