====== SUPPLY AND DEMAND ======

"Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a free-market economy."

Tennessee Economics Standards 2017

E.09:  Define supply and demand, Provide relevant examples, and Consider ceteris paribus (i.e., all things being equal).

E.10:  Identify factors that cause changes in market supply and demand.

E.11:  Use concepts of price elasticity of demand and supply to explain and predict changes in quantity as prices fluctuate.

E.12:  Define market equilibrium, and Explain how supply and demand guide prices towards equilibrium to avoid surpluses and shortages.

E.13:  Describe how supply and demand determine equilibrium price, and Graph examples on a curve. 

E.14:  Describe causes of shortages and surplus.

E.15:  Analyze effects of shortages and surpluses on supply and demand.