Applied Economics

beyond price is held constant (nothing is changing)

Studied the impact of supply and demand

• John Locke

• Adam Smith

• James Stuart

without willingness or ability to buy

concept of demand and supply as part of a discussion about interest rates in 17th century england

• James Stuart

• Adam Smith

• John Locke

• Alfred Marshall

willing to buy

Tabular presentation of the relationship of price and quantity demanded

• Supply Schedule

• Demand Schedule

Authored the book "Principles of Economics"

• Alfred Marshall

• John Locke

• Adam Smith

when the commodity increases, quantity demand decreases, and as the price of the commodity decreases, the quantity of demand increases

demand exceeds supply

• surplus

• shortage

• equilibrium

a change that shifts the demand curve for a product