Demand and Supply
Explore the fundamentals of how buyers and sellers interact in a market, including concepts like equilibrium, shifts in demand and supply, and factors that affect both demand and supply curves, as well as how changes in price and quantity impact consumer and producer surplus and overall market efficiency.
Introduction to Demand and Supply
Demand For Goods and Services
Supply of Goods and Services
Equilibrium—Where Demand and Supply Intersect
Key Concepts and Summary
Shifts in Demand and Supply For Goods and Services
What Factors Affect Demand?
The <em>Ceteris Paribus</em> Assumption
How Does Income Affect Demand?
Other Factors That Shift Demand Curves
Summing Up Factors That Change Demand
How Production Costs Affect Supply
Other Factors That Affect Supply
Summing Up Factors That Change Supply
Key Concepts and Summary
Changes in Equilibrium Price and Quantity: The Four-Step Process
Good Weather For Salmon Fishing
Newspapers and the Internet
The Interconnections and Speed of Adjustment in Real Markets
A Combined Example
Key Concepts and Summary
Price Ceilings and Price Floors
Price Ceilings
Price Floors
Key Concepts and Summary
Demand, Supply, and Efficiency
Consumer Surplus, Producer Surplus, Social Surplus
Inefficiency of Price Floors and Price Ceilings
Demand and Supply As a Social Adjustment Mechanism
Key Concepts and Summary