Part 2 - An Introduction to Demand and Supply

Economic education specialist, Scott Wolla, explains the concepts of supply, the Law of Supply, as well as what causes shifts and movements along the curve.

(Video: 3m 56s)

This video shows how supply works. Starting from an individual supplier's supply curve, it shows how to graphically derive the market supply curve.

(Video: 3m 13s)

University of California Professor, Peter Navarro explains the Law of Demand, the Income Effect and the Substitution Effect.

(Video: 6m 40s)

This video shows how demand works. Starting from individual demand curves, it shows how to draw the market demand curve.

(Video

Peter Navarro uses the supply and demand curves to explain how the market equilibrium is achieved as well as what are shortages and surpluses.

(Video: 5m 04s)

This video shows how an equilibrium between supply and demand is reached, as well as how disequilibria such as excess supply and excess demand can create surplus and shortage, respectively.

(Video: 2m 36s)