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1.2 How markets work

Theme 1 · Papers 1 and 3.

9 Lessons
  1. Rational decision makingCore
  1. Demand: movements, shifts and why it slopes downCore · Free
  1. Price, income and cross elasticities of demandCore · Free
  1. Supply: movements and shiftsCore
  1. Price elasticity of supplyCore
  1. Price determination: equilibrium and shiftsCore · Free
  1. The price mechanismCore
  1. Consumer and producer surplusCore
  1. Indirect taxes and subsidiesCore

Demand: movements, shifts and why it slopes down

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