This website offers a very simple yet helpful description and example of the interaction of supply and demand, and what will happen to price and quantity when one or both of your supply and demand curves shift. This would be a good place to start if you are just beginning a study on supply and demand.
This example is an in-class market simulation conducted with paper cards assigning each student a buyer or seller role and a reservation price. This example is appropriate for both upper and lower division courses. Open Outcry Market was developed by Barry P. Keating at the University of Notre Dame.
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.
By the end of this section, you will be able to:
Explain demand, quantity demanded, and the law of demand
Identify a demand curve and a supply curve
Explain supply, quantity supplied, and the law of supply
Explain equilibrium, equilibrium price, and equilibrium quantity
By the end of this section, you will be able to:
Explain the national saving and investment identity in terms of demand and supply
Evaluate the role of budget surpluses and trade surpluses in national saving and investment identity
By the end of this section, you will be able to:
Explain merchandise trade balance, current account balance, and unilateral transfers
Identify components of the U.S. current account balance
Calculate the merchandise trade balance and current account balance using import and export data for a country
Summarizes buyer equilibrium. Then click Next button at the bottom to learn about seller equilibrium as well as shortages & surpluses.
