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4.1: Limitations of the Laws of Supply and Demand

  • Page ID
    210833
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    Everyone agrees that literacy is required of those who want to participate in today’s economy. Being able to read and write is expected of those in the labor force.

    Understanding the basic laws of supply and demand are requirements for economic literacy. They form the foundation of economics. Without the laws of supply and demand one would not know about the relationship between price and quantity supplied and quantity demanded.

    Though reading and writing are important, one would not expect a promotion based solely on these skills. The same can be said about the mastery law of supply and demand. They are concepts which are expected to be a part of the minimum knowledge base of all participants of the economy.

    This session builds upon the basic laws of supply and demand. We will add concepts to these laws and create something called elasticity. Elasticity is not only an important concept, but it can be used to get that promotion!


    This page titled 4.1: Limitations of the Laws of Supply and Demand is shared under a not declared license and was authored, remixed, and/or curated by Martin Medeiros.

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