"It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted."
The basic model of microeconomics, which examines how the price and quantity of goods are determined by the interaction of buyers and sellers in a market.
Introduction to supply and demand: An explanation of the basic principles of supply and demand, including the law of supply and demand, demand curves, supply curves, and equilibrium.
Consumer behavior: An examination of the factors that influence consumer behavior, including price, income, tastes, and preferences.
Producer behavior: An examination of the factors that influence producer behavior, including costs, technology, and market structure.
Market equilibrium: An analysis of how supply and demand interact to determine prices and quantities in a market.
Elasticity of demand and supply: An explanation of the concept of elasticity and how it affects supply and demand, including cross-price elasticity and income elasticity.
Market structure: An examination of different types of market structures, including perfect competition, monopoly, oligopoly, and monopolistic competition.
Market failures: An analysis of the ways in which markets can fail to achieve optimal outcomes, including externalities, public goods, and information asymmetries.
International trade: A discussion of the impact of international trade on supply and demand in domestic markets, including trade policies and comparative advantage.
Labor markets: An examination of the supply and demand for labor, including wage determination, labor unions, and immigration.
Government intervention: An analysis of the ways in which government can intervene in markets to influence supply and demand, including price floors and ceilings, taxes, and subsidies.
Individual demand: Refers to the demand of an individual for a product or service based on their preferences, income level, and personal choices.
Market demand: Refers to the demand for a product or service by all individuals in a market.
Complementary demand: Refers to the demand for two or more products or services that are used in conjunction with one another. For example, the demand for cars and gasoline.
Substitute demand: Refers to the demand for a product or service that can be used in place of another product or service. For example, the demand for tea as a substitute for coffee.
Joint demand: Refers to the demand for two or more products or services that are used together. For example, the demand for bread and butter.
Derived demand: Refers to the demand for a product or service that is dependent on the demand for another product or service. For example, the demand for steel is derived from the demand for automobiles.
Competitive demand: Refers to the demand for two or more products or services that are in direct competition with each other. For example, the demand for Coke and Pepsi.
Time-based demand: Refers to the changes in demand for a product or service over time. For example, the demand for ice cream increases during summer.
Seasonal demand: Refers to the changes in demand for a product or service due to seasonal factors. For example, the demand for coats increases during winter.
Elastic demand: Refers to the demand for a product or service that is highly sensitive to changes in price or other factors. For example, luxury goods.
Inelastic demand: Refers to the demand for a product or service that is not sensitive to changes in price or other factors. For example, basic necessities like food and water.
Consumer surplus: Refers to the difference between what a consumer is willing to pay for a product or service and what they actually pay for it.
Producer surplus: Refers to the difference between the total cost of production for a product or service and the price at which it is sold.
Equilibrium: Refers to the point where demand and supply meet and quantity demanded equals quantity supplied.
Disequilibrium: Refers to the point where quantity demanded does not equal quantity supplied, resulting in either a shortage or surplus of the product or service.
"The unit price for a particular good [...] will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price)."
"The concept of supply and demand forms the theoretical basis of modern economics."
"Yes, in macroeconomics, as well, the aggregate demand-aggregate supply model has been used to depict how the quantity of total output and the aggregate price level may be determined in equilibrium."
"[...] the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted."
"Quantity demanded" and "quantity supplied" determine the price and quantity in a competitive market.
"It postulates that, holding all else equal, in a competitive market [...]."
"[...] the unit price for a particular good [...] will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price)."
"[...] to depict how the quantity of total output and the aggregate price level may be determined in equilibrium."
"[...] resulting in an economic equilibrium for price and quantity transacted."
"In a competitive market, the unit price for a particular good [...] will vary."
"[...] for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price)."
"It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles [...]."
"[...] resulting in an economic equilibrium for price and quantity transacted."
"The concept of supply and demand forms the theoretical basis of modern economics."
"[...] how the quantity of total output and the aggregate price level may be determined in equilibrium."
"The concept of supply and demand forms the theoretical basis of modern economics."
"[...] the unit price for a particular good [...] will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price)."
"[...] to depict how the quantity of total output and the aggregate price level may be determined in equilibrium."
"In a competitive market, the unit price for a particular good [...] will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price)."