When economists refer to supply, they mean the relationship between a range of prices and the quantities supplied at those prices—a relationship that can be illustrated with a supply curve or a …

When economists refer to supply, they mean the relationship between a range of prices and the quantities supplied at those prices—a relationship that can be illustrated with a supply curve or a …

When economists talk about demand, they mean the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedule.

The supply curve shows how much of that product producers would be willing to bother producing if they could get a certain price from it. This is due to the way they decide to allocate their resources.

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In this video, we're going to dig a little bit deeper, and we're going to think about what factors might make a supply curve, or supply schedule, or portions of it, to be more elastic or inelastic.

When economists talk about demand, they mean the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedule.

How do economists study markets, and how is a market influenced by changes to the supply of goods that are available, or to changes in the demand that buyers have for certain types of goods?

The aggregate supply curve shifts to the right as productivity increases or the price of key inputs falls, making a combination of lower inflation, higher output, and lower unemployment possible.

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