Economics
Economics
Unit 1 | Topic 3 | Demand, Supply, and Prices
Unit 1 | Topic 3 | Demand, Supply, and Prices
Embedded Files
How do we affect the economy?
How do we affect the economy?
Introduction to Topic 3
Introduction to Topic 3
My Story: Principles of Supply and Demand
My Story: Principles of Supply and Demand
The economic concepts of demand and supply are key forces within the free market economic system. The laws of demand and supply help govern the behavior of consumers and the decisions of producers of goods and services. And together, supply and demand help to establish the prices that provide the common language of the marketplace.
Β Topic 3.1
Β Topic 3.1
Fundamentals of Demand
Fundamentals of Demand
How does the law of demand affect the quantity demanded?
Topic 3.2
Topic 3.2
Shifts in Demand
Shifts in Demand
Why does the demand curve shift?
Topic 3.3
Topic 3.3
Elasticity of Demand
Elasticity of Demand
What factors affect elasticity of demand?
Topic 3.4
Topic 3.4
Understanding Supply
Understanding Supply
How does the law of supply affect the quantity supplied?
Topic 3.5
Topic 3.5
Costs of Production
Costs of Production
How can a producer maximize profits?
Section 3.6
Section 3.6
Changes In Supply
Changes In Supply
Why does the supply curve shift?
Section 3.7
Section 3.7
Equilibrium and Price Controls
Equilibrium and Price Controls
What factors affect price?
Section 3.8
Section 3.8
Changes In Market Equilibrium
Changes In Market Equilibrium
How do changes in supply and demand affect equilibrium?
Section 3.9
Section 3.9
Prices at Work
Prices at Work
What role do prices play in a free market economy?
IN_Econ_Topic03_GuideAssessment.pdfTopic 3 Quick Study Guide
Topic 3 Quick Study Guide
How do we effect the economy?
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