About This Chapter
Supply, Demand & Market Equilibrium - Chapter Summary
Watch the video lessons in this chapter to review the concepts behind supply, demand and the market equilibrium. The instructors of these video lessons will cover the principles of supply and demand, how they can be represented in schedules and curve and how those representations can be used to find the market equilibrium. In addition you will study different factors that can alter supply, demand, and the market equilibrium.
If at any time during this series of video lessons you are confused about a topic, send your questions to the instructors for clarification. After this chapter you should have a mastery of:
- How the concept of ceteris paribus is used in marketing studies
- Supply and demand schedules and curves
- Understanding market forces that can alter supply and demand
- The market equilibrium, how to calculate it, and how it changes with shifts in supply and demand
- Identifying shortages and surpluses in demand curves
Complete lesson worksheets and take lesson quizzes to reinforce the material you have reviewed. Lesson quizzes will also help you find areas you may want to study further. Video tags can take you directly to main topics in the video lessons, and lesson transcripts present the material of the lessons in a written format for you to read.
1. The Concept of Ceteris Paribus in Economics
Learn what ceteris paribus means and why it is so important in economics. Find out how it helps us simplify and understand the relationship between different economic variables and forces. See some easy examples to help drive home its importance.
2. 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.
3. 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.
4. Understanding the Demand Curve in Microeconomics
Learn what the demand curve in microeconomics is. Find out the common components of the demand curve and how they are created. See what causes a movement along a demand curve and what causes a shift of the entire curve.
5. The Supply Curve in Microeconomics
Learn about the supply curve and its unique characteristics. Find out some of the common terms used when discussing the supply curve and the difference between a movement along a supply curve and a shift of the entire curve. See some examples of each.
6. 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.
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. Causes of Supply and Demand Changes in Microeconomics
Learn what causes movements along the supply and demand curves. See how market forces work to cause these movements and the important role that price plays in this.
9. Market Equilibrium from a Microeconomics Perspective
Learn about the definition of market equilibrium. Learn how to identify the equilibrium point on a supply and demand graph and discover what causes this point to change in our everyday lives.
10. Identifying Shortages and Surpluses in Microeconomics
Supply shortages and surpluses are inefficient for business, but economics seeks to avoid them. In this lesson, find out how they happen, as well as how businesses work to avoid them.
11. Microeconomic Shifts in Supply and Demand Curves
Learn about the important forces that can cause the demand and supply curve to shift. Discover how this affects equilibrium and the prices you pay for goods and services.
12. Using Market Forces to Manipulate Supply and Demand
While the forces of supply and demand are powerful, they are not immobile. This lesson explains how various market forces can cause the supply and demand curves to shift.
13. 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.
14. 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 GACE Economics (538): Practice & Study Guide course
- Basic Economic Concepts & Terms
- Scarcity, Choice & The Production Possibilities Curve
- Comparative & Absolute Advantage, Specialization & Trade
- Determining Price in Economics
- Government Issues in Economics
- Business Organization & Decision Making
- Producers & Production in Microeconomics
- Understanding Macroeconomic Equilibrium
- Scarce Economic Resource Markets Basics
- Economic Market Structures
- Basics of Measuring the Economy
- Understanding Economic Growth and Productivity
- Inflation & Adjustment in Economics
- Unemployment Basics
- Understanding Inflation & Unemployment
- Overview of Aggregate Demand & Supply
- Fiscal Policy & Monetary Policy
- Expansionary & Contractionary Gaps
- Money & the Market
- The Central Bank & Monetary Policy
- Foreign Exchange & Trade Balance
- Overview of Inflows, Outflows & Restrictions
- Personal Finance: Consumer Decision Making
- Personal Finance: Savings & Investments
- GACE Economics Flashcards