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Ch 39: WEST Business & Marketing Education: Supply & Demand

About This Chapter

Brush off your knowledge of supply and demand with the lessons in this chapter. Watch videos on market equilibrium, shifts in the supply and demand curves and price elasticity.

WEST Business & Marketing Education: Supply & Demand - Chapter Summary

The material included in this chapter helps you review how market equilibrium, price and competition can cause changes in supply and demand. After you have finished reviewing this chapter, you should be prepared to answer questions related to:

  • Ceteris paribus
  • The demand curve
  • Supply and demand changes
  • Market equilibrium
  • Shifts in supply and demand curves
  • Price and cross-price elasticity of demand
  • Competition within markets
  • Entry barriers

Watch these economics-themed video lessons that provide an overview of common topics found on the WEST Business & Marketing Education exam. The lesson transcripts allow you to easily reference key definitions and formulas, and the videos include tags that allow you to easily go back to any areas that need a second look.

9 Lessons in Chapter 39: WEST Business & Marketing Education: Supply & Demand
Test your knowledge with a 30-question chapter practice test
The Concept of Ceteris Paribus in Economics

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.

Understanding the Demand Curve in Microeconomics

2. 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.

Causes of Supply and Demand Changes in Microeconomics

3. 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.

Market Equilibrium from a Microeconomics Perspective

4. 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.

Microeconomic Shifts in Supply and Demand Curves

5. 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.

Price Elasticity of Demand in Microeconomics

6. Price Elasticity of Demand in Microeconomics

Discover the definition and formula for price elasticity of demand. See some real-world examples of how it is calculated, and find out what it means for demand of a good to be inelastic or elastic.

Cross Price Elasticity of Demand: Definition and Formula

7. Cross Price Elasticity of Demand: Definition and Formula

Learn what cross price elasticity of demand means. Find out why business owners and economists like to know cross price elasticity, and discover how to calculate it. See some everyday examples.

Competition Within Free Markets: Types & Summary

8. Competition Within Free Markets: Types & Summary

We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.

Barriers to Entry in Economics: Definition, Types & Examples

9. Barriers to Entry in Economics: Definition, Types & Examples

Economic barriers to entry are part of the reason some companies thrive and others fail. Learn what barriers to entry are and why they are so important to understand before entering a specific business or market. Read about some current-day examples.

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

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Other Chapters

Other chapters within the WEST Business & Marketing Education (038): Practice & Study Guide course

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