About This Chapter
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
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.
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.
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. 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.
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.
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.
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.
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.
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.
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.
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Other chapters within the UExcel Introduction to Macroeconomics: Study Guide & Test Prep course
- Fundamental Concepts of Macroeconomics
- Government Failure in Macroeconomics
- Role of Government in Macroeconomics
- National Income Accounting Overview
- Unemployment & the Economy
- Basic Concepts of Inflation
- Measurements of Inflation
- The Business Cycle & Economics
- Aggregate Demand in Economics
- Fiscal Policy in Economics
- Budgets & National Debt
- Understanding Monetary Policy
- Fundamentals of Money
- Understanding the Federal Reserve System
- Supply-Side Policy & Policy Comparisons
- UExcel Introduction to Macroeconomics Flashcards