Use Sophia to knock out your gen-ed requirements quickly and affordably. Learn more
×

Chapter 3 Prices and Equilibrium

Author: Matthew Lonn

Prices and Equilibrium

Prices

Use the following notes and video clips to help explain how prices are set in a free market. Use slides #38-45 of the notes.

Questions you should be able to answer after the lesson.

1. Define equilibrium.

2. Draw market equilibrium and show how shifting demand and supply curves will affect prices and quantity in a particular market.

3. Identify on a market graph at what price a surplus and shortage would exist.

Chapter 3 Notes

Explanation of Equilibrium

Equilibrium in 60 seconds

Source: You Tube