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Demand and Supply
Demand and Supply
Demand and Supply
CHAPTER OUTLINE
1)
WHAT’S DEMAND?
Law of demand
Assumptions and limitations
Causes of rise and fall in demand
Demand and quantity demanded
Demand and price
2)
WHAT’S SUPPLY?
Law of supply
Assumptions and limitations
Causes of rise and fall in supply
Supply and quantity supplied
Supply and price
3)
THE CONCEPT OF MARKET
MARKET DEMAND
4)
MARKET SUPPLY
5)
MARKET EQUILIBRIUM
Equilibrium price and quantity
Surplus and shortage
Changes in supply, demand and equilibrium
6)
Price ceiling
Price flooring
7)
8)
SUMMARY
DISCUSSION QUESTIONS
PROBLEMS