Summary Chapter 5: Demand and Supply in action_Economics for South African students_ECON 112

These summary notes for Chapter 5: Demand and Supply in Action from the Economics for South African Students textbook provide a practical and applied understanding of how market forces operate in real-world situations. The notes explore how demand and supply respond to various economic changes, including shifts in market conditions, government intervention, and external shocks. Key concepts such as elasticity of demand and supply are clearly explained, showing how responsiveness affects prices, total revenue, and decision-making in the market. In addition, the notes examine the impact of taxes, subsidies, and price controls on equilibrium, as well as how these interventions influence both consumers and producers. Real-world examples are used to illustrate how theory applies in practice, making complex ideas more relatable and easier to understand. Structured in a clear and student-friendly format, these summaries focus on essential concepts, supported by definitions, graphs, and explanations to enhance both understanding and exam preparation. They are ideal for revision and for developing a deeper understanding of how markets function in action.