Economics (ECS1501)

This chapter introduces students to the important concepts of demand and supply. The chapter uses examples to illustrate how changes in non-price factors impact demand, supply, and the resulting market equilibrium. Demand is the relationship between price and the quantity demanded of a good by consumers in a given period of time, all other factors held constant. Supply is the relationship between price and the quantity supplied of a good by producers in a given period of time, all other factors...

This chapter introduces students to the important concepts of demand and supply. The chapter uses examples to illustrate how changes in non-price factors impact demand, supply, and the resulting market equilibrium. Demand is the relationship between price and the quantity demanded of a good by consumers in a given period of time, all other factors held constant. Supply is the relationship between price and the quantity supplied of a good by producers in a given period of time, all other factors...