EconConcept

Welcome to another episode of my podcast. Movement along the demand or supply curve takes place when all factors affecting demand and supply are constant and Only the Price is changing. Whereas, shift of demand or supply curve occurs when Any other of the many factors (Non Price) affecting demand and supply changes.

Welcome to another episode of my podcast. Supply refers to the entire relationship between prices and the quantity of the product supplied at each of these prices ( think of the supply curve). Whereas Quantity supplied refers to one particular point on the supply curve ( not the entire curve), referring to how much of […]

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in number of sellers in the market ( population of sellers).

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in expectations.

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in technology (Improved mechanisation).

Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in input prices (cost of production).

Welcome to another episode of my podcast. Supply means the quantities that a seller is willing and able to sell at different prices. It is oblivious that if the price goes up, the seller will offer more for sale and vice versa. Therefore, supply varies with price.

Welcome to another episode of my podcast. Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply relate to amount available at a specific price or amount available across a range of prices. The factors of supply for a given product or […]

Welcome to another episode of my podcast. This episode discusses the fundamental difference between demand and quantity demanded. Demand simply denotes the willingness and the person’s ability to purchase. Quantity demanded represents the amount goods and services desired by consumer at a fixed price.

Welcome to another episode of my podcast. If you were to plot out how many units you would buy at different prices, then you’ve created a demand curve. It graphically portrays the data in the demand schedule.