Skip to main content
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).

Demo content only — your answers aren't saved to any account.