Demand and Supply - Overview

Welcome to this session.

In the previous session, you learnt about the importance of economics in allocating resources, the economic models and the economic assumptions.

The theme of this session is ‘Demand and Supply’.The terms demand and supply refer to the behaviour of individuals. They are the twin forces that make market economies work. Prices play a special role in the analysis of demand and supply.

In this session

You will learn about the following: 

1. Law of demand and determinants of demand
2. Law of supply and determinants of supply
3. Price elasticity of supply and demand
4. Market equilibrium

People you will hear from in this session

Chris Oates, PhD
Founder, Two Lanterns Advisory

Chris is the Founder of Two Lanterns Advisory, a Cambridge, Massachusetts-based political risk consultancy firm focused on methodological innovation and improving risk workflow. He is also the Senior Advisor, Strategic Partnerships, for Voter Choice Massachusetts, a political campaign to push for ranked-choice voting in Massachusetts. Currently, he is also an adjunct lecturer at the Boston University Pardee School of Business Studies, where he teaches political risk analysis to graduate and senior undergraduate students. Chris has completed his master’s and doctorate degrees from Oxford University, UK. From 2013-2018, he worked at Oxford Analytica as Political and Macroeconomic Analyst for their advisory practice, where he managed coverage of the foreign policy, domestic politics, and macroeconomics of the United States, Canada, Australia, New Zealand and NATO for Oxford Analytica’s Daily Brief. He is also the host of the podcast The History of Voting, which looks at how voting in America evolved from the Revolution to today. 

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