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.