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Economics by Terry Hillman

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CHAPTER7

Supply and Demand

In This Chapter

  • Understanding the supply and demand model
  • Steps to construct a demand curve and a supply curve
  • Identifying the equilibrium point of supply and demand
  • The effect of external factors on the supply and demand curves
  • Calculating the elasticity of demand and supply

Supply and demand is a concept that most people understand intuitively because they have a lot of experience buying products they need and want. When your supermarket has a large supply of your favorite crackers, they will mark down the price to sell their inventory. When the store has difficulty getting a supply of your popular cracker brand, ...

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