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Demand and Supply Economic Concepts

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Demand and supply are two concepts in economics that are basically essential yet sometimes confusing. This presentation explains these two concepts and how they affect the pricing of goods and services.

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Publicado en: Economía y finanzas
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Demand and Supply Economic Concepts

  1. SUPPLYDEMAND ECONOMIC CONCEPTS
  2. Demand and supply are two basic economic concepts that primarily affect pricing and production.
  3. Quantity of a good or service that is desired by buyers DEMANDQuantity of a good or service that the market can offer SUPPLY
  4. Demand is determined by Income Tastes and preferences Prices of related goods and services Consumers' expectations about future prices and incomes that can be checked Number of potential consumers Source: Wikipedia
  5. Supply is determined by: Production costs (primarily labor, capital, energy, technology, and materials) Firms' expectations about future prices Number of suppliers Source: Wikipedia
  6. a b c P3 P2 P1 Q1 Q2 Q3 Price($) Quantity Demand (D) Law of demand The higher the price, the lower the demand. At point A, the number of goods demanded is Q1 for P3 price.
  7. S At point A, the number of goods that should be supplied is Q1 for P1 price. Law of Supply The higher the price, the higher the supply. P3 P2 P1 Q1 Q2 Q3 Price($) Quantity Supply (S) a b c
  8. P3 P2 P1 Q1 Q2 Q3 Price($) Quantity Supply (S) 1 2 3 P3 P2 P1 Q1 Q2 Q3 Price($) Quantity Demand (D) Just remember the slope’s direction.Confusing? Law of demand : Downward Law of demand : Upward
  9. Supply (S) Demand (D) When the supplied and demanded goods are equal, there is equilibrium. But here’s the catch: Equilibrium only exists in theories. It’s hardly attainable due to constant fluctuations in supply and demand. Equilibrium 1 2 3 4 5 6 0 1 2 3 4 5 6
  10. When the supplied and demanded goods are not equal, there is disequilibrium. In case of surplus or shortage, the point of equilibrium has to be adjusted. Supply (S)Demand (D) 1 2 3 4 5 6 0 10 20 30 40 50 60 Equilibrium Surplus Shortage
  11. Let’s take a look at how these concepts are practically applied in real life.
  12. Why has the price of oil plunged in 2014 ? Because oil supply was much higher than demand by 2014. North American companies started drilling for new, hard-to-extract crude. Further, demand for oil decreased due to new efficiency measures and weakening economies. Read more on Vox
  13. Why is music cheap these days? Because the number of consumers who are willing to pay for music has decreased. These days, songs can be readily (and freely) supplied through the Internet download, file sharing, and other forms of technology. Read more on Bloomberg
  14. Beef supply in the USA declined to 3.6% due to low domestic production and tight global supply. As a result, price of ground beef, steaks and roasts got pricier. Why is beef expensive in the USA in 2015 ? Read more on Bloomberg
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