MICROECONOMICS

Microeconomic analysis rests of the concepts of supply and demand. We’re all familiar with the terms as they are commonly used in everyday conversation, but often not in the precise way that economists understand the terms. The Khan Academy videos on supply, demand, and equilibrium in Activity 2.3 total 1:30, so this Online Activity is short. Students often confuse a change or shift in demand with a change in the quantity demanded. Briefly describe the difference between the two. If you can, also provide an example.

https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand

https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial

https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/market-equilibrium