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Supply and Demand Basics

Supply and Demand Basics

Author: Soma Jurgensen
Description:

After this tutorial you will be able to:

  1. Explain the laws of demand and supply.
  2. Identify a shortage and a surplus.
  3. Define the inverse relationship between supply and demand.
  4. Explain the difference between a shift in quantity demanded and a shift in demand.
  5. Describe how determinants of supply and demand change the respective curves.

 

Economics can be an overwhelming subject in its complexity. However, taken in small chunks students can begin to build on a foundation of knowledge. I've collected some excellent videos and added some of my own information to help student walk down the road of understanding economics.

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Tutorial

Law of Supply and Demand - the first step

This video provides a clean and straightforward definition of the laws of supply and demand as well as shortage, surplus, and equilibrium.

Source: YouTube

Supply and Demand - Slopes and Shifts

Review the concepts of the laws of supply and demand in this video. The instructor also talks about the inverse relationship that exists between supply and demand and begins to introduce the determinants of demand that shift the curve.

Source: YouTube ACDC Economics

The Difference Between Quantity Demanded and Increase in Demand

Yes, there is a difference. This short video explains it clearly.

Source: YouTube ACDC Economics

Shifting Supply

This video moves fast as it's again a review of concepts. Listen carefully toward the last half as the instructor talks about determinants that would affect supply - like a drought in the supply of corn - and the impact on the supply curve.

Source: YouTube ACDC Economics

Factors Affecting Supply

Review in more detail the factors or determinants of supply.

Source: YouTube Khan Academy

Supply-Demand Data for Practice

Educators who want to give students a turnkey worksheet for practice, or students who want some independent practice, download this PDF.

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