Learning objectives
Define demand, draw a demand curve from a demand schedule and explain how individual demands add up to market demand
Explain an extension and a contraction of demand as movements along the demand curve caused by a change in the price of the product itself, and show them on a diagram
Explain what causes an increase or a decrease in demand, such as changes in income, tastes, advertising, population and the prices of substitutes and complements, and show the shift on a diagram
Define supply, draw a supply curve from a supply schedule and explain how individual supplies add up to market supply
Explain an extension and a contraction of supply as movements along the supply curve caused by a change in the price of the product itself, and show them on a diagram
Explain what causes an increase or a decrease in supply, such as changes in costs of production, technology, indirect taxes, subsidies, weather and the number of producers, and show the shift on a diagram
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