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Supply and demand in a market economy is one the most fundamental concepts in economics. Demand refers to the quantity of a product or service that is demanded by consumers. Supply refers to how much of the product or service the market can offer. The price of a good or service is greatly influenced by supply and demand and will usually settle at a point where the quantity demanded by consumers will equal the quantity supplied by producers. This economics course will review in detail the laws of supply and demand, how they operate in a market economy and how they determine the price of goods and services. The course outlines factors that affect both supply and demand, and how there is an in-built price elasticity within supply and demand for goods or services. This economics course will be of great interest to all professionals in the areas of economics, finance, business and politics who would like to learn more about how the price of goods and services is determined, and to all learners who would like a greater understanding of the fundamental laws of supply and demand.Start Course Now
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.
All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire official Certification, which is a great way to share your achievement with the world. Your Alison Certification is:
Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning
Alison offers 3 types of Certification for completed Certificate courses:
Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
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Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping
All Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certification pricing, please visit our Pricing Page.