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Week 6 · Spring term

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Economics_SL.pdf
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Biology 101
Feb 12, 2026
Chemistry
Feb 8, 2026

Supply & demand

Unit 2 — Markets
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Key concept — The law of demand

As price rises, quantity demanded falls, ceteris paribus. That inverse link is what draws the demand curve downward.

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The law of supply

Higher prices encourage producers to offer more output along the upward-sloping supply curve.

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Key insight

Demand slopes down; supply slopes up. Their crossing sets equilibrium price and quantity.

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Demand shifters

IncomeSubstitutesTastesExpectations

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