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Supply and Demand: The Economic Tango
Key Contentlaw of demandlaw of supplyequilibriumsurplusshortagenon- price determinantschange in demand v change in quantity demandedchange in supply v change in quantity suppliedequilibrium price and equilibrium quantitydemand curvesupply curveshifts (non price factors) in the supply and demand curvesubstitutes and complementsnormal and inferior goodstastes and preferencesfuture price expectationsmarket sizetaxes and subsidies (negative taxes)price floors and price ceilingsEssential QuestionsIn a free market economy can anyone be forced to buy a good or service?Why is a change in quantity supplied and demanded different from change in supply and demand?Based off of what other reasons besides price do consumers and producers make economic decisions?You must be able to draw the impact shifts of supply and/or demand have on EP and EQ.Helpful Websiteshttps://www.youtube.com/watch?v=0FyG_URe3sA Demand for Super Bowl Ticketshttp://www.youtube.com/watch?v=GjMMSTF1-4U- Supply and Demand Songhttps://www.youtube.com/watch?v=xYo8oIWXua4&t=1s - Reffonomics.com Determinants of Demandhttps://www.youtube.com/watch?v=V0tIOqU7m-c- Jacob Clifford- Shifting Supply and Demand Curves
Last Modified on February 7, 2020