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Basic Economics

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27 views1 page

Basic Economics

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spacemoon04
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Class Notes 2: Basic Economics

Topic: Supply and Demand

Key Concepts:

Demand: The quantity of a good or service that consumers are willing and able to buy at a given price.

Law of Demand: As price increases, quantity demanded decreases (and vice versa).

Supply: The quantity of a good or service that producers are willing and able to sell at a given price.

Law of Supply: As price increases, quantity supplied increases (and vice versa).

Equilibrium: The point where supply and demand intersect, determining the market price and quantity.

Factors that shift demand: Changes in consumer income, tastes, prices of related goods, expectations.

Factors that shift supply: Changes in input prices, technology, number of sellers, expectations.

Further Exploration:

Analyze how changes in supply or demand affect market equilibrium.

Research real-world examples of supply and demand shifts (e.g., oil prices, housing market).

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