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Comprehensive IGCSE Study Notes for Mathematics, Chemistry, Physics, and Economics
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  • IGCSE Economics
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In-Depth IGCSE Study Notes These comprehensive study notes are created to help you excel in your IGCSE exams. They cover key subjects including Mathematics, Chemistry, Physics, Economics, and more. Here’s what you’ll find in these notes: Detailed Summaries: Each topic is explained clearly...

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Document information

  • September 7, 2024
  • 3
  • 2024/2025
  • Lecture notes
  • Mr.sim
  • All classes

Subjects

  • igcse
  • gcse
  • exam preparations
  • economics
  • igcse economics
  • study guide

Written for

  • Secondary school
  • IGCSE Economics
  • 1
All documents for this subject (4)

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Demand and Supply: A Comprehensive Guide
1. Demand

● Definition: Demand refers to the quantity of a good or service that consumers are
willing and able to purchase at various prices over a period of time.

● Law of Demand: As the price of a good or service decreases, the quantity
demanded increases, ceteris paribus (all other factors being constant).

● Factors Affecting Demand:
○ Price of the good
○ Income of consumers
○ Prices of related goods (substitutes and complements)
○ Tastes and preferences
○ Population size

● Demand Curve: A downward-sloping curve, illustrating the inverse relationship
between price and quantity demanded.

2. Supply

● Definition: Supply refers to the quantity of a good or service that producers are
willing and able to sell at various prices over a period of time.

● Law of Supply: As the price of a good or service increases, the quantity supplied
increases, ceteris paribus.

● Factors Affecting Supply:
○ The price of the good
○ Costs of production
○ Technological advancements
○ Taxes and subsidies
○ Number of producers
○ Expectations of future prices

● Supply Curve: An upward-sloping curve, illustrating the direct relationship between
price and quantity supplied.

3. Market Equilibrium

● Definition: The point where the quantity demanded equals the quantity supplied.

● Equilibrium Price: The price at which demand and supply are equal.

● Equilibrium Quantity: The quantity bought and sold at the equilibrium price.

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