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Supply, demand, and market equilibrium

Demand

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Law of demand
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Law of demand
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Market demand as the sum of individual demand
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Substitution and income effects and the law of demand
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Price of related products and demand
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Change in expected future prices and demand
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Changes in income, population, or preferences
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Normal and inferior goods
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Inferior goods clarification
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What factors change demand?
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Lesson summary: Demand and the determinants of demand
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Practice
Demand and the law of demandGet 5 of 7 questions to level up!
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Supply

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Law of supply
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Change in supply versus change in quantity supplied
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Law of supply
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Factors affecting supply
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What factors change supply?
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Lesson summary: Supply and its determinants
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Practice
Supply and the law of supplyGet 3 of 4 questions to level up!
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Quiz 1

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Market equilibrium and changes in equilibrium

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Market equilibrium
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Market equilibrium
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Changes in market equilibrium
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Changes in equilibrium price and quantity when supply and demand change
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Changes in equilibrium price and quantity: the four-step process
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Lesson summary: Market equilibrium, disequilibrium, and changes in equilibrium
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Practice
Market equilibrium and disequilibriumGet 3 of 4 questions to level up!
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Changes in equilibriumGet 3 of 4 questions to level up!
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Quiz 2

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Unit test

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About this unit

In this unit we explore markets, which is any interaction between buyers and sellers. We start by deriving the demand curve and describe the characteristics of demand. Next, we describe the characteristics of supply. Finally, we explore what happens when demand and supply interact, and what happens when market conditions change.