+
3 Tutorials that teach Supply and Demand
Take your pick:
Supply and Demand

Supply and Demand

Author: Colton Cranston
Description:
This lesson covers the basics of supply and demand.
(more)
See More
Try a College Course Free

Sophia’s self-paced online courses are a great way to save time and money as you earn credits eligible for transfer to over 2,000 colleges and universities.*

Begin Free Trial
No credit card required

25 Sophia partners guarantee credit transfer.

221 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 20 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial

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."