Class notes
STUDY GUIDE
- Course
- Introduction to Economics
- Institution
- Nelson Mandela Metropolitan University (NMMU)
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•Chapter 4:
Demand, supply
and prices
© VAN SCHAIK PUBLISHERS
, Chapter Outcomes
Once you have studied this chapter you should be able to
• identify the most important determinants of the quantity demanded
• show how demand can be expressed in words, numbers, graphs and
equations
• explain the difference between demand and quantity demanded
• differentiate between a movement along a demand curve and a shift
of a demand curve
• explain the determinants of the quantity supplied
• distinguish between a movement along a supply curve and a shift of
a supply curve
• explain how the equilibrium price and quantity are determined
distinguish between the consumer surplus and the producer surplus
© VAN SCHAIK PUBLISHERS
, Demand and supply:
An introductory overview
Figure 4-1 The interaction between households and firms
(Textbook page 60)
© VAN SCHAIK PUBLISHERS
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