The laws of demand and supply, their determinants, market equilibrium, and how price changes clear a market.
Demand
Demand is the quantity of a good consumers are willing and able to buy at a given price in a given period. The law of demand: as price falls, quantity demanded rises (and vice versa) — so the demand curve slopes downwards.
A change in price causes a movement along the demand curve. A change in any other factor causes a shift of the whole curve:
higher income (for normal goods) → demand rises (shifts right);
price of substitutes rises → demand for this good rises;
price of complements falls → demand rises;
changes in tastes/fashion, population, or advertising.
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