In this lesson, our instructor Jibin Park gives an introduction on price and quantity. He discusses supply and demand, demand schedule, demand curve, supply schedule, supply curve, surplus, and shortage.
Most, if not all, items found in the private sector follow the laws of supply and demand.
The demand curve is a downward sloping line – as price goes up, quantity demanded goes down.
The supply curve is an upward sloping line – as price goes up, quantity supplied goes up.
A change in demand means that the entire demand curve has shifted (either right or left) because something other than price has changed.
A change in supply means that the entire supply curve has shifted (either right or left) because something other than price has changed.
A shortage occurs when the price is below the equilibrium price.
A surplus occurs when the price is above the equilibrium price.
Price & Quantity
Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.
This book created a 5-step plan to help you study more effectively, use your preparation time wisely, and get your best score. This book includes two full-length practice exams modeled on the real test, all the terms and concepts you need to know to get your best score, and your choice of three customized study schedules.
This book includes an in-depth preparation for both AP economics exams. It features two full-length practice tests, one in Microeconomics and one in Macroeconomics, and all test questions answered and explained. It also features a detailed review of all test topics, which include: supply and demand, theory of consumer choice, economics in the public sector, costs, perfect and imperfect competition, monopolies, labor resources, game theory, the national income and gross domestic product, inflation and unemployment, fiscal policy, money and banking, monetary policy, economic growth, international trade and exchange, interest rate determination, and the market for loanable funds.