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  2. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...

  3. Law of demand - Wikipedia

    en.wikipedia.org/wiki/Law_of_demand

    A change in demand is indicated by a shift in the demand curve. Quantity demanded, on the other hand refers to a specific point on the demand curve which corresponds to a specific price. A change in quantity demanded therefore refers to a movement along the existing demand curve. However, there are some exceptions to the law of demand.

  4. Demand curve - Wikipedia

    en.wikipedia.org/wiki/Demand_curve

    In most circumstances the demand curve has a negative slope, and therefore slopes downwards. This is due to the law of demand which conditions that there is an inverse relationship between price and the demand of commodity (good or a service). As price goes up quantity demanded reduces and as price reduces quantity demanded increases.

  5. Economic equilibrium - Wikipedia

    en.wikipedia.org/wiki/Economic_equilibrium

    At any price above P supply exceeds demand, while at a price below P the quantity demanded exceeds that supplied. In other words, prices where demand and supply are out of balance are termed points of disequilibrium, creating shortages and oversupply. Changes in the conditions of demand or supply will shift the demand or supply curves.

  6. Elasticity (economics) - Wikipedia

    en.wikipedia.org/wiki/Elasticity_(economics)

    Income elasticity of demand is a measure used to show the responsiveness of the quantity demanded of a good or service to a change in the consumer income. Mathematically, this is calculated by dividing the percentage change in the quantity demanded by the percentage change in income. [16]

  7. Demand - Wikipedia

    en.wikipedia.org/wiki/Demand

    The price elasticity of demand is a measure of the sensitivity of the quantity variable, Q, to changes in the price variable, P. It shows the percent by which the quantity demanded will change as a result of a given percentage change in the price. Thus, a demand elasticity of -2 says that the quantity demanded will fall 2% if the price rises 1%.

  8. Market clearing - Wikipedia

    en.wikipedia.org/wiki/Market_clearing

    A market-clearing price is the price of a good or service at which the quantity supplied equals the quantity demanded, also called the equilibrium price. [2] The theory claims that markets tend to move toward this price. Supply is fixed for a one-time sale of goods, so the market-clearing price is simply the maximum price at which all items can ...

  9. Microeconomics - Wikipedia

    en.wikipedia.org/wiki/Microeconomics

    This pushes the price down. The model of supply and demand predicts that for given supply and demand curves, price and quantity will stabilize at the price that makes quantity supplied equal to quantity demanded. Similarly, demand-and-supply theory predicts a new price-quantity combination from a shift in demand (as to the figure), or in supply.