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Diploma in Higher Education Studies

When demand or supply changes

HES 202 · Introductory Economics — Week 5 of 16

CourseHES 202
Week5 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

When demand or supply changes

  1. Shifts in the curves
  2. Shortages and surpluses

What you will be able to do

  • 1.1 Explain the law of supply and demand.
  • 1.2 Illustrate market equilibrium using a simple diagram.

Activity

Show on diagrams what happens to prices after three news events.

Study materials

Further resources

  • Principles of Economics 3e, ch. 3.2: Shifts in demand and supply · PDF · OpenStax (2022); pp. 54–63 · for registered students
  • Principles of Economics 3e, ch. 3.4: Price ceilings and floors – shortages and surpluses · PDF · OpenStax (2022); pp. 70–73 · for registered students
  • The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality · Open-access article · Diamond et al. (2019), American Economic Review. Shows how a price ceiling on rents cut the supply of rental housing in San Francisco. · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 4Week 6
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Course plan
  • Week 1: What is economics? Scarcity and choice
  • Week 2: Demand: how buyers behave
  • Week 3: Supply: how sellers behave
  • Week 4: Market equilibrium
  • Week 5: When demand or supply changes
  • Week 6: Price elasticity of demand
  • Week 7: Calculating elasticity
  • Midterm: Midterm evaluation
  • Week 9: Measuring the economy: GDP
  • Week 10: Inflation and unemployment
  • Week 11: Reading economic data
  • Week 12: Perfect competition
  • Week 13: Monopoly
  • Week 14: Markets in real life
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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