"Supply and Demand in":
1. **Demand Curve**: Shows the inverse relationship between price and quantity demanded.
2. **Law of Demand**: Explained by the substitution effect, income effect, and law of diminishing marginal utility.
3. **Shifters of Demand**: Changes in taste/preferences, number of consumers, price of substitutes/complements, income, and expectations.
4. **Supply Curve**: Shows the positive relationship between price and quantity supplied, driven by profit motive.
5. **Shifters of Supply**: Changes in price of resources/inputs, technology, government actions, number of sellers, and expectations.
6. **Market Equilibrium**: Intersection of supply and demand curves where quantity demanded equals quantity supplied.
7. **Effects of Changes**: Changes in demand or supply shift the curves, affecting equilibrium price and quantity.
8. **Adaptation**: No need to memorize; practice drawing and understanding shifts in supply and demand curves.
These are the key points covered to understand supply and demand dynamics.
1. **Demand Curve**: Shows the inverse relationship between price and quantity demanded.
2. **Law of Demand**: Explained by the substitution effect, income effect, and law of diminishing marginal utility.
3. **Shifters of Demand**: Changes in taste/preferences, number of consumers, price of substitutes/complements, income, and expectations.
4. **Supply Curve**: Shows the positive relationship between price and quantity supplied, driven by profit motive.
5. **Shifters of Supply**: Changes in price of resources/inputs, technology, government actions, number of sellers, and expectations.
6. **Market Equilibrium**: Intersection of supply and demand curves where quantity demanded equals quantity supplied.
7. **Effects of Changes**: Changes in demand or supply shift the curves, affecting equilibrium price and quantity.
8. **Adaptation**: No need to memorize; practice drawing and understanding shifts in supply and demand curves.
These are the key points covered to understand supply and demand dynamics.