Sample battle · revision
Training Camp · Mission Brief
Economics · Supply & Demand
Demand is how much buyers want at each price; supply is how much producers will sell at each price. Market equilibrium is where the two meet. Shifts in either curve change price and quantity traded.
Key terms
- Demand — Quantity buyers are willing and able to purchase at each price.
- Supply — Quantity sellers are willing and able to provide at each price.
- Equilibrium — Price where quantity demanded equals quantity supplied.
Memory trick: Demand slopes Down; Supply Soars up. (Slope = first letter of the curve.)
Common mistake: Confusing a movement ALONG the curve (caused by a price change) with a SHIFT of the curve (caused by a non-price factor).
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