1.1.3 Demand, supply and market equilibrium
- Syllabus
- 2026
- Topic
- 1.1.3
- Level
- —
1.1.3.a Demand
Definition of demand.
1.1.3.b Movements and shifts on demand curves
The use of demand curve diagram to show:
- changes in price causing movements along a demand curve
- shifts indicating increased and decreased demand.
1.1.3.c Factors that shift demand
Explain factors that may shift the demand curve, including advertising, income, fashion and tastes, prices of substitutes and complements, and demographic change.
1.1.3.d Supply
Definition of supply.
1.1.3.e Movements and shifts on supply curves
The use of supply curve diagram to show:
- changes in price causing movements along a supply curve
- shifts indicating increased and decreased supply.
1.1.3.f Factors that shift supply
Explain factors that may shift the supply curve, including production costs, technology, indirect taxes, subsidies and natural factors such as disasters and weather.
1.1.3.g Equilibrium price and quantity and how they are determined
Equilibrium price and quantity and how they are determined.
1.1.3.h Market equilibrium, excess demand and excess supply diagrams
The use of diagrams to show:
- how shifts in supply and demand affect equilibrium price and quantity in real-world situations
- excess demand
- excess supply.
1.1.3.i Calculating and drawing excess demand and excess supply
Define, calculate and draw excess demand and excess supply.
1.1.3.j Market forces removing excess demand or supply
The use of market forces to remove excess supply or excess demand.
Objective notes
10 learning objectivesConceptIGCSE Economics