Economics: Demand, Supply & Price Elasticity (AS & A-Level)

What you'll learn

• Understand how the price of a product is determined via demand and supply interactions
• Learn how factors like income of consumer, fashion, demographic structure, business location etc. can affect the product's sales
• Analyse demand and supply with greater precision
• Understand the importance of elasticity as a measure of responsiveness
• Understand elasticity of demand and elasticity of supply
• Build an understanding of methods to calculate elasticity
• Solve questions with better understanding

Requirements

• No prior knowledge of Economics is required.

Description

Welcome to this Economics course on Demand, Supply and Price Elasticity. This course is your first step to build an excellent understanding of Economics.

This course is divided into 2 parts:

1) Understanding the Behaviour of Buyers and Sellers - Demand and Supply Mechanism
This part is covered in 3 sections:
i) Demand,
ii) Supply,
iii) Supply and Demand Together

In this part, I will take you through the heart of Economics - Demand and Supply Mechanism (Determined by Buyers and Sellers ) and we will discuss the following topics :

• What is Demand?
• Do you demand less when the price of a commodity rises.? Yes..? Think again..!
• Is your Demand only a function of price?
• What is supply?
• What affects supply of a good in the market?
• We, as buyers, want to pay as low a price as possible; sellers, on the other hand, want to charge as high a price as possible, seems like there  are opposite interests here, then who gets to decide the price?
• How does this price mechanism function?

2) Product Pricing Decisions - Price Elasticity of Demand and Supply
This part is covered in 2 sections:
i) Elasticity of Demand,
ii) Elasticity of Supply

In this part, you will understand how to analyse demand and supply with greater precision and the product pricing mechanism.
We will go through the following topics:

• What is Price Elasticity of Demand? 
• How much product pricing power do you have?
• How to calculate Elasticity? 
• What is Price Elasticity of Supply? 
• What affects Price Elasticity of Supply? 

  
This course is not only for the students of Economics but for anyone who has an interest in understanding these powerful mechanisms. 

It is a beginner level course and all the topics and concepts start from scratch, so even if you are not familiar with Economics, you may take this as your first step to understand this powerful subject.   

All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.

Let's get started..!

Who this course is for:

• AS and A level students, who would like to brush-up these concepts or were not taught these concepts in a detailed manner earlier
• Students from Non-Economics Background, who would like to learn basics of microeconomics in a simple and intuitive manner

More Information