Economics Storybook

Economics Storybook

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  • To have people buy your groceries you must have a demand for them.
  • Why isn't anybody buying my goods?
  • Demand is the consumer's willingness and ability to buy at a specific time.
  • Well what is demand?
  • What do producers need to do to make sales?
  • They need to supply. 
  • Supply is the willingness and ability of the seller to bring goods or services to a market at a specific time. 
  • Both supply and demand are represented on a graph.
  • Where these 2 graphs cross is called the Equilibrium Point.
  • However, there are 2 types of equilibrium points- equilibrium price and equilibrium point.
  • But when there is a change in the demand graph there is a new equilibrium price.  It can be changed by surplus or shortage.
  • Equilibrium price is that price at which quantity supplied equals quantity demanded.
  • When one of the determinants of supply changes, like the number of sellers, the supply curve will shift creating a new equilibrium quantity.
  • Equilibrium quantity is where the quantity demanded is equal to the quantity supplied at the equilibrium.
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