Demand and Supply - Part 1 Partial Market Equilibrium

This video focuses on demand and supply. This is the first in a three-part series of demand and supply videos; this video is also part of the ‘Economics Basics’ series. The first video looks at demand and supply from the market perspective. This is the demand and supply of a particular good, for example bananas, but from the market perspective rather than from an individual buyer or seller’s perspective.

The videos explains the slopes of the demand and supply curves. The video also explains what drives demand and supply and how equilibrium can be achieved using the demand and supply curves.

Concepts such as consumer and producer surplus are defined and discussed. Shifts and movements in demand and supply are also discussed and explained using diagrams. The effects of complementary and substitute goods are also explained briefly in this video.

Demand and supply in this series is viewed from a partial equilibrium perspective. General Equilibrium will be covered in a later series.

This video is the most rudimentary video in the series and essential in order for the following two videos in the series to be adequately understood. I would also advise watching the first few videos in the ‘Economics Basics’ series, see links below.

The second video in the series looks at demand and supply from the individual’s perspective. Concepts such as diminishing marginal utility and choice are revisited. The third video in the series looks at demand and supply from the firm’s perspective. Concepts such as price setting and market structure are investigated.

The video can be watched at the link below: