Economics

University of the Freestate (UFS)

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Class notes

Lecture notes ECONOMICS (ECS1501)
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10

February 2022

2021/2022
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...
tibellondlovu8
$6.42 More Info

Class notes

Lecture notes ECONOMICS (ECS1501)
-

-

-

6

February 2022

2021/2022
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...
tibellondlovu8
$6.29 More Info