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Supply and demand

Lesson Objectives

  • Understand the law of demand and the law of supply
  • Distinguish what causes a movement along supply and demand curves from the factors shifts supply and demand curves.
  • Describe substitutes, complements, normal goods and inferior goods.
  • Identify when shortages and surpluses exist and predict what happens to the market price when they exist
  • Determine the equilibrium price and quantity.
  • Show how changes in supply and demand affect price and quantity traded in markets

Textbook reading

  • Chapter 4-2, 4-3 and 4-4

Non-textbook materials

Videos

Video: Supply and Demand – Introduction
Video Questions, Answers & Updates
Video: Demand
Video Questions, Answers & Updates
Video: Changes in Demand
Video Questions, Answers & Updates
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Video: Supply
Video Questions, Answers & Updates
Video: Changes in Supply
Video Questions, Answers & Updates
Video: Equilibrium Price & Quantity
Video Questions, Answers & Updates
Video: Changes in Equilibrium Price & Quantity
Video Questions, Answers & Updates

Study aids