Demand, Supply, and Market Equilibrium

The Basic Decision-Making Units ,[object Object],[object Object],[object Object]

The Circular Flow of Economic Activity ,[object Object]

Input Markets and Output Markets ,[object Object],[object Object],[object Object]

Input Markets ,[object Object],[object Object],[object Object],[object Object]

Determinants of Household Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],A household’s decision about the quantity of a particular output to demand depends on:

Quantity Demanded ,[object Object]

Demand in Output Markets ,[object Object],[object Object]

The Demand Curve ,[object Object]

The Law of Demand ,[object Object],[object Object]

Other Properties of Demand Curves ,[object Object],[object Object]

Income and Wealth ,[object Object],[object Object]

Related Goods and Services ,[object Object],[object Object]

Shift of Demand Versus Movement Along a Demand Curve ,[object Object],[object Object],[object Object]

A Change in Demand Versus a Change in Quantity Demanded ,[object Object]

A Change in Demand Versus a Change in Quantity Demanded To summarize : Change in price of a good or service leads to Change in quantity demanded ( Movement along the curve ). Change in income, preferences, or prices of other goods or services leads to Change in demand ( Shift of curve ).

The Impact of a Change in Income ,[object Object],[object Object]

The Impact of a Change in the Price of Related Goods ,[object Object],[object Object],[object Object],[object Object]

From Household to Market Demand ,[object Object],[object Object]

From Household Demand to Market Demand ,[object Object]

Supply in Output Markets ,[object Object],[object Object]

The Supply Curve and the Supply Schedule ,[object Object]

The Law of Supply ,[object Object],[object Object]

Determinants of Supply ,[object Object],[object Object],[object Object],[object Object],[object Object]

A Change in Supply Versus a Change in Quantity Supplied ,[object Object],[object Object],[object Object]

A Change in Supply Versus a Change in Quantity Supplied ,[object Object]

A Change in Supply Versus a Change in Quantity Supplied To summarize : Change in price of a good or service leads to Change in quantity supplied ( Movement along the curve ). Change in costs, input prices, technology, or prices of related goods and services leads to Change in supply ( Shift of curve ).

From Individual Supply to Market Supply ,[object Object],[object Object]

Market Supply ,[object Object]

Market Equilibrium ,[object Object],[object Object],[object Object]

Market Equilibrium ,[object Object],[object Object]

Market Disequilibria ,[object Object],[object Object]

Increases in Demand and Supply ,[object Object],[object Object]

Decreases in Demand and Supply ,[object Object],[object Object]

Relative Magnitudes of Change ,[object Object]

Demand, Supply, and Market Equilibrium

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