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Laws of Supply and Demand

Gain better insight into the fundamental laws of supply and demand with this free online economics course.

Economics
Free Course
This free online laws of supply and demand course will teach you the ins and outs of supply and demand. You will study how the laws of supply and demand operate in a market economy and how they determine the price of goods and services. You will also learn about the factors that affect both supply and demand, learn why there is an in-built price elasticity within supply and demand for goods or services, and a whole lot more.
  • Duration

    1-2 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Publisher

    Khan Academy

Description

Modules

Outcome

Certification

View course modules

Description

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.

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Learning Outcomes

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.

Certification

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 an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate 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 Certificates for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, 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 Certificate pricing, please visit our Pricing Page.

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