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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
  • Market Price

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

  • Equilibrium Price

    The price at which quantity demanded and quantity supplied meet.

  • Surplus

    When there is more supply of a product than demand.

  • Shortage

    When there is more demand for a product than supply.

  • Perfect Competition

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

  • 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.