Laws of Supply and Demand
Gain better insight into the fundamental laws of supply and demand with this free online economics course.
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CertificationView course modules
This course begins by discussing the law of demand which refers to the quantity of a product or service that is demanded by consumers. You will learn that if the price of a product is raised, it will lower the demanded quantity for that product. You will study the price of related products and demand as well as the changes in income, population, or preferences. You will also look into normal and inferior goods.
You will then look into the law of supply which refers to how much of a product or service the market can offer. You will study the factors affecting supply, market equilibrium which is a state where the supply in the market is equal to the demand, price elasticity of demand, constant unit elasticity, and total revenue and elasticity. This course will also discuss the cross elasticity of demand, the elasticity of supply, and elasticity and strange percent changes.
Supply and demand in a market economy are one of the most fundamental concepts in economics. Upon the completion of this course, you will gain a better understanding of the concept behind supply and demand and learn how supply and demand operate within a market economy. You will also understand how price of a good or service is determined by supply and demand. Check out this course and learn how the price of goods and services is determined.
Module 1: Understanding the Laws of Supply and Demand
Law of Demand
Price of Related Products and Demand
Changes in Income, Population, or Preferences
Normal and Inferior Goods
Inferior Goods Clarification
Law of Supply
Factors Affecting Supply
Changes in Market Equilibrium
Price Elasticity of Demand
More on Elasticity of Demand
Perfect Inelasticity and Perfect Elasticity of Demand
Constant Unit Elasticity
Total Revenue and Elasticity
More on Total Revenue and Elasticity
Cross Elasticity of Demand
Elasticity of Supply
Elasticity and Strange Percent Changes
Module 2: Laws of Supply and Demand Assessment
Learning outcomes: - Understand the concept behind supply and demand; - Explain how supply and demand operate within a market economy; - Explain how price of a good or service is determined by supply and demand.
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Economics is a social science that deals with the production, distribution, and consumption of goods and services. It looks into how resources are allocated by governments, business and individuals to satisfy their needs and wants. Economics also tries to determine how to organise and coordinate efforts to achieve maximum output. This free online laws of supply and demand course will teach you about supply and demand which are the essential elements of a market economy.
Each of the online economics courses on Alison are free, as are all of Alison's online courses. Alison's learners do not have to pay anything to take these courses unless they want a digital or physical copy of the course certificate.