Topic 1.2

The market

Learn to analyse demand and supply. Identify what shifts each curve, distinguish a shift from movement along a curve, and examine changes in equilibrium price and quantity. Then calculate and apply price and income elasticity of demand.

Lesson completion0%

0 of 28 lessons complete. Only Secure and Mastered lessons count towards this total.

Continue learning Take 10-question diagnostic

1.2.1

Demand

59 min

Demand and effective demand, the demand curve, and the non-price factors that shift it.

0% complete · 0 of 8 lessons complete

1.2.2

Supply

43 min

Supply and quantity supplied, plus costs, technology, taxes, subsidies and external shocks.

0% complete · 0 of 6 lessons complete

1.2.3

Markets

38 min

Equilibrium price, shortages and surpluses, and the price and quantity effects of curve shifts.

0% complete · 0 of 4 lessons complete

1.2.4

Price elasticity of demand

57 min

Calculating and interpreting PED, the factors behind it, and what it means for pricing and total revenue.

0% complete · 0 of 6 lessons complete

1.2.5

Income elasticity of demand

31 min

Calculating and interpreting YED, normal, luxury and inferior goods, and using it in business decisions.

0% complete · 0 of 4 lessons complete