Demand, Supply And Market Equilibrium
Gbogbo ọrọ náà
Nobody sets the price of a banana at a market stall by committee. Buyers and sellers, each acting purely in their own interest, push the price up and down until it lands at the one figure where every buyer willing to pay finds a seller willing to sell, and every seller willing to sell finds a buyer. That self-correcting process is the heart of market economics.
In this lesson you will build the demand curve and the supply curve from first principles, learn the crucial difference between a movement along a curve and a shift of the whole curve, and put both curves together to find equilibrium price and quantity. You will also learn to identify and remove excess demand and excess supply, the two states a market falls into whenever price sits away from equilibrium.
Ebumnobi
- Definition of demand
- The use of demand curve diagram to show changes in price causing movements along a demand curve, and shifts indicating increased and decreased demand
- Factors that may cause a shift in the demand curve, including advertising, income, fashion and tastes, price of substitute goods, price of complementary goods, demographic changes
- Definition of supply
- The use of supply curve diagram to show changes in price causing movements along a supply curve, and shifts indicating increased and decreased supply
- Factors that may cause a shift in the supply curve, including costs of production, changes in technology, indirect taxes, subsidies, natural factors (natural disasters and weather)
- Equilibrium price and quantity and how they are determined
- The use of diagrams to show how shifts in supply and demand affect equilibrium price and quantity in real-world situations, excess demand, excess supply
- Define, calculate and draw excess demand and excess supply
- The use of market forces to remove excess supply or excess demand
Akọmọ Ojú-ẹkọ
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ayẹwo Ẹkọ
Ekele diri gi maka imecha ihe karịrị na Demand, Supply And Market Equilibrium. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- The demand curve for a good slopes downward because: A) As price rises, quantity demanded rises B) As price falls, quantity demanded rises C) Price and quantity demanded are unrelated D) Supply always exceeds demand Answer: B
- A fall in the price of a good itself causes: A) A shift of the demand curve to the right B) A shift of the demand curve to the left C) A movement along the existing demand curve D) No change in quantity demanded Answer: C
- An increase in the price of a complementary good will cause the demand curve for this good to: A) Shift to the right B) Shift to the left C) Stay the same, with a movement along the curve D) Become vertical Answer: B
- At a given price, quantity supplied is 400 units and quantity demanded is 550 units. This situation is best described as: A) Equilibrium B) Excess supply of 150 units C) Excess demand of 150 units D) Excess demand of 400 units Answer: C
- Which of the following would shift the supply curve for a good to the left? A) A government subsidy to producers B) A fall in the cost of raw materials C) The introduction of a new indirect tax on the good D) An improvement in production technology Answer: C
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Àwọn Ìwé Tó Dáa Láti Kà
Meecha Ajụjụ Ule Ọmarịcha
Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Demand, Supply And Market Equilibrium? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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