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3 Tutorials that teach Supply and Demand Economics
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Supply and Demand Economics

Supply and Demand Economics

Author: Jeff Carroll
Description:

This lesson is an overview of supply and demand and economics markets. 

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Tutorial

Source: Image of arrow, tablet computer, circle, square, images by Video Scribe, License held by Jeff Carroll; Image of euro, Public Domain, http://bit.ly/1kmVRg9; Image of supply and demand graph, Public Domain, http://bit.ly/1nxaxhr.

Terms to Know
Equilibrium Price

The price at which quantity demanded and quantity supplied meet.

Market Price

The current price of a good or service which a customer is willing to pay.

Monopolistic Competition

An industry market structure characterized by a large number of firms selling similar products.

Monopoly

An industry market structure characterized by one firm supplying a unique product to the entire market. Barriers to entry prevent competition.

Oligopoly

An industry market structure characterized by a few firms selling similar products.

Perfect Competition

An industry market structure characterized by a very large number of firms selling a homogeneous (identical) product.

Shortage

When there is more demand for a product than supply.

Surplus

When there is more supply of a product than demand.