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Economics

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16 views1 page

Economics

Uploaded by

cynthiahmaina16
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Economics: Supply and Demand

Date: November 5, 2024


Instructor: Dr. Alan Pierce
Course: ECON101 - Principles of Economics

Topic: Supply and Demand

Detailed Explanation:

1. The Law of Demand:


o As the price of a good increases, the quantity demanded decreases, and vice
versa.
o Example: If the price of smartphones rises, consumers will demand fewer
smartphones.
2. The Law of Supply:
o As the price of a good increases, the quantity supplied increases, and vice
versa.
o Example: When the price of gold rises, more gold is mined and offered for
sale.
3. Market Equilibrium:
o The point where the supply and demand curves intersect, determining the
market price and quantity.
o Example: If there’s too much supply, prices will fall until demand matches
supply.

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