Econ 2.4 Supply and Demand Curves (Old Version)- ACDC Econ

The video tutorial covers key economic concepts, focusing on demand and supply. It explains the law of demand, highlighting the inverse relationship between price and quantity demanded. The video discusses factors affecting demand, such as the substitution effect, income effect, and diminishing marginal utility. It then introduces the concept of supply, explaining the law of supply and how price changes affect quantity supplied. The tutorial concludes with a discussion on the trade-off between labor and leisure, impacting supply decisions.

What is the law of demand and how does it relate to price and quantity?

Explain the substitution effect and how it impacts consumer behavior.

Describe the income effect and its influence on purchasing power.

What is diminishing marginal utility and how does it affect consumer choices?

How does the law of supply relate to price changes and quantity supplied?