Economics

Example output

Models, definitions and diagrams — with the assumptions spelled out.

Source: econ-markets.pdf · pages 5–14

Summary

Supply and demand is covered thoroughly and your diagrams are drawn correctly. The gap is in assumptions: the notes never state that the model assumes ceteris paribus, which is why the shift-versus-movement distinction feels arbitrary.

Supply and demand

Equilibrium, surplus and shortage all covered with correctly labelled diagrams.

Shifts versus movements

The distinction hinges on ceteris paribus — a price change moves along the curve, anything else shifts it.

Key terms

Equilibrium pricepage 6: The price at which quantity demanded equals quantity supplied.
Ceteris paribuspage 5: 'All other things equal' — the assumption underlying movement along a curve.
Price elasticity of demandpage 11: How responsive quantity demanded is to a change in price.

Supply and demand · equilibrium

Flashcards

What causes a movement along the demand curve?

A change in the good's own price — nothing else.

What causes the demand curve to shift?

Any non-price determinant: income, tastes, substitutes, expectations.

What happens above equilibrium price?

Supply exceeds demand — a surplus, pushing price back down.

Practice question

Consumer incomes rise. What happens to the demand curve for a normal good?

Pick an answer to see the reasoning.

Study plan

1
Write out ceteris paribus and why it matters
15 min
2
Draw 5 shifts and label the cause of each
20 min
3
Elasticity calculations practice
20 min

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