LO 3.3 - Supply and Demand
Learning Intentions
By the end of this section you should be able to do the following
1. Explain what a market is
2. Define the term Demand
3. Describe the relationship between demand and the price
4. List the factors other than price that can affect the level of demand
5. Distinguish between normal and inferior goods
6. Define the term Supply
7. Describe the relationship between Supply and the price
8. List the factors other than price that can affect the level of Supply
9. Distinguish between normal and inferior goods
10. Explain the concept of Market Equilibrium
11. Outline how the interaction of supply and demand has on the equilibrium position
12. Evaluate how the changes in supply and demand can affect price
1. Explain what a market is
2. Define the term Demand
3. Describe the relationship between demand and the price
4. List the factors other than price that can affect the level of demand
5. Distinguish between normal and inferior goods
6. Define the term Supply
7. Describe the relationship between Supply and the price
8. List the factors other than price that can affect the level of Supply
9. Distinguish between normal and inferior goods
10. Explain the concept of Market Equilibrium
11. Outline how the interaction of supply and demand has on the equilibrium position
12. Evaluate how the changes in supply and demand can affect price
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Assessment - Matching
Assessment - Flash Card
Additional Resources
Chapter notes |
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