Intro to Business › Section A · Economic systems and business › Topic A.6
Microeconomics: demand, supply, and prices
Why do concert tickets sell out while last season's coats end up on the sale rail? Microeconomics zooms in on individual markets, where buyers and sellers together settle prices. This topic shows how demand and supply set prices, what shifts them, how sensitive customers are to price, and how many units a firm must sell to break even.
In this topic
- Zooming in on markets
- Demand and the demand curve
- Supply and the supply curve
- Equilibrium, surplus and shortage
- Worked example: finding equilibrium
- What shifts the curves
- Price elasticity of demand
- Worked example: is a price rise worth it?
- Costs and the break-even point
- Common mistakes to avoid
- Key takeaways
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