Demand, Supply, Equilibrium, and Elasticity

My assignment of Introduction to Economy subject is to present about Demand, Supply, Equilibrium, and Elasticity beside that, we have to make questions of it.


Demand is the amount of goods or services you want and able to be purchased by the consumer, at various price levels and at any given time.

Supply is the number of items offered by sellers in a particular market, at a certain period, and at a certain price level.

Equilibrium is a point of agreement between demand and supply. In the event of price volatility and the amount / balance is excess demand or supply in the market mechanism will push back the price equilibrium (balance can be new or original balance)

Elasticity is used to measure the extent to which the magnitude of the response or sensitivity of the dependent variable if there is a change in a particular independent variable



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Here is the questions and answers.