3 Tutorials that teach Supply and Demand
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Supply and Demand

Supply and Demand

Author: Colton Cranston
This lesson covers the basics of supply and demand.
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Introduction to Psychology

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Notes on "Supply and Demand"

Terms to Know

  • Supply
  • The fixed quantity of goods and services available for a range of price levels at a set point in time.
  • Demand
  • The quantity of goods and services that may be purchased at a given time specific to a set income and range of price levels.
  • Movements Along Supply (Demand) Curve
  • Demonstrated when the price of the product changes and impacts the quantity supplied (demanded).
  • Shifting of Supply (Demand) Curve
  • Movements that may cause either an increase or decrease in the quantity supplied of a given good or service for a specific price level; the shift occurs due to more or less resource access, decrease or increase in the price of inputs, or changes in regulation (taxed and subsidies). For demand, the changes are typically related to income or preference changes.
  • Equilibrium
  • The point at which the quantity supplied at a given quantity price combination equals the quantity demanded; where the supply and demand curves intersect.
  • Ceteris Paribus
  • From Latin, meaning, "holding all other things constant."