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Laws of Supply and Demand Free Course

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  • Description
  • Outcome
  • Certification
  • 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 free online 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 free online 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.

  • 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 study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to share your success. Plus it’s:

    • Ideal for including in CVs, job applications and portfolios
    • An indication of your ability to learn and achieve high results
    • An incentive to continue to empower yourself through learning
    • A tangible way of supporting the Alison mission to empower people everywhere through education.

Modules List( 2 )
  • 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
    • Market Equilibrium
    • 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
    • Supply and Demand Assessment
Topics List ( 1 )
Module 2: Laws of Supply and Demand Assessment
Course Features
  • Duration

    1-2 Hours

  • Publisher

    Khan Academy

  • Video


  • Audio


  • Assessment


  • Certification


  • Price


  • Reward

    50 Pts

  • Responsive


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