ICSE Class 10 Economic Applications | 1. Demand and Supply – Basic Concepts by Pavan | Learn Smarter
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1. Demand and Supply – Basic Concepts

The chapter provides foundational concepts of demand and supply in economics, explaining demand as the desire to buy backed by the ability and willingness to pay. It explores determinants of demand and supply, the laws governing demand and supply, and the significance of demand and supply schedules and curves. Finally, it defines market equilibrium as the point where quantity demanded and supplied are equal.

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Sections

  • 1

    Demand And Supply – Basic Concepts

    This section introduces the fundamental concepts of demand and supply, outlining their definitions and the factors affecting them.

    Learning Practice

  • 1.1

    Meaning Of Demand

    Demand is the desire to purchase a good, coupled with the ability and willingness to pay for it.

    Learning Practice

  • 1.2

    Factors Affecting Demand (Determinants Of Demand)

    Demand is influenced by various factors, known as determinants, which include price, consumer income, preferences, related goods prices, expectations, and advertising.

    Learning Practice

  • 1.3

    Law Of Demand

    The Law of Demand states that, all else being equal, a decrease in the price of a commodity leads to an increase in the quantity demanded, and vice versa.

    Learning Practice

  • 1.4

    Demand Schedule And Demand Curve

    The demand schedule presents a table of quantities demanded at various prices, while the demand curve graphically illustrates the inverse relationship between price and quantity demanded.

    Learning Practice

  • 1.5

    Meaning Of Supply

    Supply refers to the quantity of a good that producers are willing and able to sell at various prices over a specific time period.

    Learning Practice

  • 1.6

    Factors Affecting Supply (Determinants Of Supply)

    Supply is influenced by various determinants including the price of the commodity, production costs, and technology.

    Learning Practice

  • 1.7

    Law Of Supply

    The Law of Supply states that, all else being equal, an increase in the price of a commodity results in an increase in the quantity supplied of that commodity.

    Learning Practice

  • 1.8

    Supply Schedule And Supply Curve

    This section explains the concepts of supply schedule and supply curve, emphasizing their roles in understanding the relationship between the price of a commodity and the quantity supplied.

    Learning Practice

  • 1.9

    Market Equilibrium

    Market Equilibrium is the point where quantity demanded equals quantity supplied, determining the equilibrium price and quantity.

    Learning Practice

References

ea1.pdf

Class Notes

Memorization

What we have learnt

  • Demand refers to the desire...
  • Supply signifies the quanti...
  • Market equilibrium occurs w...

Final Test

Revision Tests