Supply and Demand (and Equilibrium Price & Quanitity) - Intro to Microeconomics

A quick and comprehensive intro to Supply and Demand. We define the demand curve, supply curve and equilibrium price & quantity. We draw a demand and supply curve graph - and figure out why they look like they do. We find equilibrium quantity and equilibrium price. This video targets a student in an introduction to microeconomics class.
•Video 1: Intro to Supply & Demand: • Supply and Demand (and...
•Video 2: Shifts to Supply or Demand Cruves: • Shifts to Demand or Su...
•Video 3: Shifts in BOTH Supply and Demand: • Shifts in both Supply ...
More Intro to Microeconomics Videos: sites.google.c...
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Video Outline:
A "market" with price and quantity.
Demand Curve 2:00
• The law of demand.
• Increases and Decreases in Demand. 5:30
• Another Video on the topic:
Supply curve.
• The law of supply 9:30
• Increases and decreases in Supply. 11:44
• Another video on this topic
Demand and Supply together. 15:50
• Equilibrium price and quantity supplied and demanded. 16:20
• Forces that tend toward equilibrium. Shortage, 18:15. Surplus 21:20

[@catherinew04]

Thank you!! 8 years later this video is still really appreciated

[@dfunny1888c]

I sat through an entire 3 hour lecture to try to learn what you so simply and clearly explained in 24 minutes! Thank you!!!

[@Ms.HotSauce]

Perfect!!!!!!! Why can't my professor explain this as simply ?!? It's not a difficult concept .... Haha ... THANK YOUUUUU!

[@sabirullah7264]

is very difficult

[@lil.clementine2682]

Sana all na gets

[@putoy4702]

Naol

[@Gangsterlife333]

Is anyone else here because they got a Microeconomics exam tomorrow?

[@economicurtis]

Hope it went well!

[@immah_m7895]

Gangsterlife333 yeah..😣😣

[@johannanekaro6690]

yes yah

[@entemone2633]

Yep dude....

[@ก.จ]

i got macroeconomics but let's say yes TT

[@economicurtis]

You're welcome. I'm happy you found it helpful!

[@refilwemofoka3195]

This was amazing!!! My textbook and lecturer make this so complicated but this, this made it so simple. Thank you!

[@FaraAli1998]

Refilwe Mofoka ikr same here...I can finally graduate lol

[@saltlifo5598]

Exactly i don think these troll understand what they saying

[@evadiva721]

I gained such a better understanding on this subject. Your explanation was amazing!! Even with all of the reading and lectures of my professor, I am clearly more comfortable now! THANK YOU!

[@merardo2956]

Hey, I went through most of Macro Econ not knowing much and just memorizing patterns, this video really helped me understand economics and improved my knowledge vastly.

[@tyyo1891]

Thanks for your help! I passed my midterm because of this video. THANKSS!!

[@economicurtis]

WoooWhoo!

[@cmanpatrick]

i watched like 5 videos. Now i can finally move on with my life. You are a healer my friend. Thankyou

[@MouseAndShiraz]

Thanks for doing this. My econ prof is a brilliant guy with a not-so-brilliant grasp on the english language, and I kept finding myself getting lost in his lectures. This helped a lot.

[@nateneufy]

This video helped me undersatnd the differences between the two so much better. I was so confused as to how each curve shifts in certain situations, but now I understand.

[@aowens9192]

You are a genius! You cleared this graph up for me in 24 minutes when I could not make sense of it over about 6 classes and a few years! Thank you. So gonna hit the like button :)

[@economicurtis]

that's very nice of you to say!

[@SavageCamacho]

I returned to collage in pursuit of my masters, & ironically I needed to brush up on this class. You have a good effective way of teaching. I hope there are more tips & tutorials I can use. Thanks again.

[@MrWayneNoah]

I really enjoyed this. This 24 minute presentation was more useful than the 3 lectures that it took my economics professor to explain the same thing.

[@Mrwizfoz]

Thanks dude! This helped me enormously! You turned half a term of confusing explanation into an easy 25 min vid.

[@michaelnolan6796]

Thank you, this is by far the best video for people who study online because it's simple fast and to the point. A++++++

[@kgadiraphunga6054]

This is definitely by far the best explanation, easy to understand whilst at the same same time very detailed.

[@kcaroled]

Decided to take Micro as an online summer class, and was getting very close to dropping it. BUT then I found this video!! There is hope after all.

[@JuliunKinsey]

I'm currently taking Principles of Microeconomics. I just watched this video to help prepare me for my first exam. This was extremely useful. I was able to take great notes and finally understand what an equilibrium price actually is. Thanks.

[@TaraUnalLipstickjunkie]

Definitely a wonderful breakdown. I was so confused when I was reading the chapter. Also being an online student and taking this class is not so easy, but glad your here to help! Do you have any Production Possibilities Frontier videos that analyze opportunity costs and trade-offs?

[@dihelp2learn]

Wow, finally someone took time and explained this so well. thank you so very much. I wish you lectured my entire micro-eco course. My professor is absolutely horrible (unfortunately). Thank you again. You've been so helpful. Finally this sunk in after two months of classwork, and look.... you did it in less than 25 min. You are great! Thank you, thank you thank you!

[@kwshado8409]

hows life?

[@MrStupidbimbo]

Great explanation for supply and demand curves. Well done! Any dummy, like me, could easily understand the lecturer's explanations.

[@HasanKhan-gd8vg]

thank you for making this video. i am studying microeconomics for the first time and your tutorial helped alot . regards from Pakistan!

[@elvismbewe9608]

Found this extremely helpful, I'm an econ student, good job🎯🙏🏾

[@enaniux90]

Awesome video understood better in 25 minutes than 6 weeks into the class

[@zahid1972]

Thanks for the step by step lesson in supply and demand, a lot better than the books I have and the scribbles I did during lectures.

[@pitfall0121]

This is the best supply and demand curve video i’ve ever seen

[@economicurtis]

Thanks very nice of you to say, thank you.

[@WRITEfluidity1]

This was very helpful! I'm in a Macroeconomics class this semester (Freshmen in college). My professor doesn't show up to class, and I have an exam tomorrow. You've explained this great-I've been going about it wrong the whole time. Thank you!

[@126sean]

U basically summed up 2 months of Econ for me , that's awesome. Great video

[@RTD553]

Brilliant, and absolutely useful - I will show to my class. BUT, a compliment is like me telling you your hair looks nice, a complement is an item associated with another item.

[@pedukasi]

I like this lesson bit easy to follow and really helpfull. The language is doesn't too hard to understand. Thank you sir, I am from Jakarta, Indonesia.

[@njeriwajudy]

Wowww this is simply explained and it is so clear...I thoroughly enjoyed and understood everything

[@mercytumeo533]

This was very helpful I understood more than what I did in my two hour lecture

[@shannonjoy4178]

I found this helpful as I am taking online courses and my school lacks lectures. Since watching your video I am getting the idea and understanding I need. I will be using your videos for the rest of my class. Thank you sooo much!!

[@oliviahall4227]

Your video has helped me big time, thank you for being so clear and going through the problem step-by-step

[@GDPWorking]

It is helpful, thank you. There would be interesting demographics to see where high price and low demand represent certain demographic chocies vs low price and high demand. I have something interesting to think about for later, since I watched this.. Have a nice day.

[@earthlow]

NIce way to explain, clear and very effective. Just that mention of "Market Clear Price" would have been a nice add on. Thanks!

[@jacobchristianglover3655]

Thank you Curtis. I hope this message finds you well. I'm going to subscribe and view this video a few more times. It was very easy to follow, you have an excellent teaching style. Keep up the great work, be well.

[@129Geraldin]

Great video thanks so much. You summed up a months worth of classes

[@HeadMaster3K]

Extremely good video! Doing a great favor to several thousands of people across the world :)

[@economicurtis]

It sounds like you want a time series. You'd show that in a time series by prices on the y-axis and time on the x-axis. So, say, prices are high for a period of time. Then some event happens that leads supply shifts out, prices are lower. It's a good idea, I should make something to answer that!

[@economicurtis]

...*firms' (plural) willingness... (that is, we're talking about a full market - so many firms) But yes, as a super short summary of what the supply curve and demand curve are supposed to represent, I'd say you got the gist of it.

[@sarahgoodwin3451]

I am currently taking micro Econ and of all my 3 years of college courses, this has proved the most challenging (and likely not helpful I took online vs in-seat version). This was very helpful and thank you!! :)

[@Lukhach4292]

i begin to learn economic from this semeter...thank you for your video because it help me have a first step in learning economic

[@harperlynn510]

Wow, definitely a subscriber now. I take the BEC portion of the CPA exam in two days and I have really been struggling on this section. You just explained this section much better than the pricey review course!

[@sabauddin2273]

Awesome, great teaching skill. I am impressed because got it clearly

[@economicurtis]

Yeah, sorry, I'm new here. Thanks for the feedback and hope you find resources more up your alley!

[@mastershifu2142]

That was Great man the best example out there. I'm just wondering what software do use to draw your graphs because it looks really easy and neat.

[@huseyinfedai8439]

Thank you so much. I have understood every thing. It will help me on my exam. By the way i am 73 years old and i have just started to CYPRUS SCIENCE UNIVERSITY IN TRNC i am studying Law. The TRNC IS ONE OF THE BEST PLACES IN THE WORLD. NEARLY FREE OF COVID 19. SO why dont you enrol my university ? It is very friendly university. You will think that you are in your mother's home. Come to the safe heaven TRNC and enrol CYPRUS SCIENCE UNIVERSITY.

[@SaniyahRaks]

Thank you--this was very helpful and one of the best explanations I could find. 😀

[@vidhusheemuneeram2811]

wowww it was very helpful to me....now the concept of demand and supply is much clear..........

[@arpitkumar3696]

finest video on supply demand man ,thank you.

[@JessicaSmith-pc2um]

I really appreciate your videos! I am beginning to grasp microeconomics and gaining confidence in my college course. So thanks!

[@fourthblock]

brilliantly explained. thank you sir. youve done a great service to me. :)

[@danielcecchin]

You wizard! Why can't everyone learn to explain this like you have done now?! Thank you very much. :)

[@funnyboy9642]

its 2021 and this is still the best video

[@Lexandra23]

great, finally understand it because of you. wish you were my teacher. thank you!

[@economicurtis]

But whether any particular market will be in equilibrium, or can be abstracted to such a level of simplicity as the ones you'll see in Intro to Microeconomics textbooks..... yeah, the world's a heck of a lot more complicated. (Check out labor search models as one clear example - the labor market probably doesn't look close to this vid!) But, again, the crazy thing is that there's a lot to learn from the supply and demand framework. It's one of the more useful topics to get an intuition for.

[@om34_]

awesome video, graphs don't look crazy anymore

[@solRandom]

You did a summary of three chapters of my economic book in one video. I have a test to take. Wish me luck.

[@emwookiee]

This was very helpful! Much more helpful than my professor, thank you!

[@AHMNZ]

thanks, bro I have submitted my assignment thanks

[@nazatulaida9698]

it was very helpful to me..now the concept of demand and supply is much clear.

[@thandotwala8095]

You are great at helping us understand better thank you, just wish you could also start lessons for Maths literacy

[@sweety5438]

This explanation helped me so so much!!!

[@isabellawilliams52]

Thank you! I have such a better understanding of this topic!

[@xynadyne]

very helpful indeed, i just have one request, can you put the microeconomics videos on a playlist? preferably in a sequential order to make it easy to watch them in progression

[@Xianne1]

Thank you! This was extremely helpful for me. in understanding how the graphs work.

[@kazimhassan2713]

Really good explanation... plus u might have to make another video on Word processing aswell.. ur just brilliant at that too... are u using Word for all this??

[@Vendiprima]

well done bro, you explain much more effective and efficient than my lecture , thank you :)

[@jacentathompson1556]

That video was very informative. Now I understand my textbook. Thank you. I look forward to other (macro)economics videos.

[@shafabieber]

Thank you so much!!! it helped me better to understand this topic as my intro to econ mid term is tomorrow :( :))))))))))

[@economicurtis]

In this simple model of supply and demand, you'd get a surplus. If price is kept artificially high (above the equilibrium I talk about in the video), then suppliers are willing to produce more than consumers are willing to buy. Hence, we have a surplus of this good. Normally, suppliers who are more efficient at producing the good would bring down the price. Down to the point where quantity demanded equaled quantity supplied. But not so with a price floor above the equilibrium.

[@168grhp]

Straight to the point and easy to understand. Awesome video!

[@imsogorgeous71]

WOW you just saved me. Thank you so much for the clear explanation!

[@SuperGirl451]

Life saver. Simple and effective.

[@bishweshwarbhatt3050]

how a wonderful teaching style

[@schlirf]

Clear, clean, and concise! Thanks dude, your video helped understand my current learning Mod. in Micro-Economics class just that much more.

[@alanbta1]

Wow, this tutorial made it so much easier for me to comprehend this, thanks!!

[@alialjanabi6885]

You are amazing!! your explanation of the topic is very clear. THANK YOU SO MUCH :))

[@ethanchapman969]

It seems like for the demand curve, price is the dependent variable while quantity is the response. Wouldn’t the response variable usually be on the y-axis. I think this is why I was initially confused because I didn’t know why the number of burritos demanded would influence the amount somebody was willing to pay for one.

[@kimochhi476]

omg you saved me ;-; I didn't understand it at all and you made it so much more easier, thanks!!!!! :D

[@victorm3054]

A typical lecture: 3 minutes worth of content spread over the course of 25 minutes.

[@Divinas8]

Amazing.. Got it.. Saved 2 hours of reading gibberish..

[@mattyk3722]

thank you very much, very informing got all the info for my exam tommorow :)

[@PuotNgong]

I'm so interested in this lecture here in South Sudan

[@Anaidjacobs]

Hi! excelent video. Now do you have any video explaining the elasticity of demand and supply?

[@entemone2633]

U rock mann... Sir......thanks for it....i have an exam on Monday jeez

[@rbreeze789]

ASK decepticon ey todays mon And i have an exam todayz

[@sarahschwochow2376]

great video! especially when you explained the difference in change in... and movement alonga curve! very helpful!!!

[@jesskundi1]

Very good video. I'm learning fast. Thanks .

[@vickysteel7477]

Great explanation. Bets my text book hands down! Thanks. :)

[@sasquatch471]

Good previous comment, please let me know if these statements are correct. On a Demand curve, price is being determined by firms, and quantity demanded is the amount demanded by consumers BASED OFF of that price. Meaning that price affects amount demanded, or price being the independent variable, and demand is the dependent variable. On a supply curve price is determined by consumers and quantity supplied is BASED OFF of price willing to be paid. Price = independent, supply = dependent

[@274Lustral]

Very very helpful to me, who could not understand squat from my text books, and the teacher purposely left out information, in hopes that we would read. I am an Audio Visual learner, and you just helped me more than anybody else, tutor and teacher combined. Thank you!

[@matthkang]

Better than my textbook! Thank you so much! :)

[@tekale3862]

Thank you thank you thank you! You are so awesome! It finally makes sense to me know the way you summarizes it!

[@octaviusevans7865]

This was very helpful, thanks!

[@kddmvzla]

Im ready for an A on my test tomorrow! Thank you so much it was so helpful you did in 24 min what my prof couldn't in 4 days :O

[@NaomiPalmer09]

Thank you,, this just simplified the process in a few minutes .. This is a big help :)

[@shereen-uh3pd]

Very good explanation

[@economicurtis]

Thank you!