Business Economics

Economics } 004 } Demand, Supply, and Equilibrium }

This lecture discusses the concept of demand, supply, and economic equilibrium. How the prices and quantity traded tend to move under demand and supply curves. Examples of surplus and shortage are discussed. This important economic concept is applied directly or indirectly in all forms of markets where there is a buyer and there is seller e.g. vegetable market, fish market, farmer’s market, stock market, bond market, automobile market, technology market, consumer goods, commodities markets etc.

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