Unit 1 Resources
The More You Know
The More You Know
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Demand and Demand Shifters:
This tutorial discusses demand as well as demand shifters. This presentation is under 8-minutes and reviews the Law of Demand and the shifters (S.P.I.C.E) that can make the demand curve shift. Remember: Lefty = Lessy Righty = Morey Law of Demand: Demand goes up = Price goes down Demand goes down = Price goes up Supply and Supply Shifters:
This tutorial discusses supply as well as supply shifters. This presentation is under 6-minutes and reviews the Law of Supply and the 5 factors that can make the supply curve shift. Remember: Lefty = Lessy Righty = Morey Law of Supply: Supply goes up = Demand goes up Supply goes down = Demand goes down Elasticity:
This tutorial demonstrates how to determine elasticity. This presentation is under 9-minutes and reviews the steps to figuring out if an item is elastic or inelastic. Remember: + 1 = Elastic > 1 = Inelastic Graphing - Price Floors and Price Ceilings:
This tutorial discusses price floors and price ceilings. These can be tricky as they are the inverse of what you would think. This presentation is under 9-minutes and reviews the concept of price floors and price ceilings. Remember: Price Floor is above the equilibrium Price Ceiling is below the equilibrium |