Random Fact

2013 Median income for households in the United States was $51,939. It was $51,017 in 2012 and $51,100 in 2011. Asian Americans had the highest household incomes ($67,065), followed by whites ($58,270), Hispanics, ($40,963), and African Americans (34,598).
Source: www.census.gov

Unit 2: Supply and Demand

Introduction
Section 1: The Law of Demand
Section 2: The Demand Curve
Section 3: The Law of Supply
Section 4: The Supply Curve
Section 5: Equilibrium Price and Quantity
Section 6: Demand Determinants
Section 7: The Effect of a Change in Demand on Equilibrium Price and Quantity
Section 8: Supply Determinants
Section 9: The Effect of a Change in Supply on Equilibrium Price and Quantity
Section 10: The Effect of Changes in Both Demand and Supply on Equilibrium Price and Quantity
Section 11: Demand versus Quantity Demanded and Supply versus Quantity Supplied
Section 12: Consumer Surplus and Producer Surplus
Section 13: Price Changes in the Short Run and in the Long Run
Section 14: The Free Market System and Externalities
Test Your Knowledge!