The chapter in 2 lines
The ONE big question
The whole chapter answers ONE big question: “How is the price of something decided, and why does it change?”
Answer in one line: Buyers (demand) and sellers (supply) pull against each other. Where they agree is the price. When anything changes for buyers or sellers, the price moves.
Everything else in this chapter is detail of this idea.
What is inside this chapter
| # | Topic | What you will learn |
|---|---|---|
| A | Key terms (start here!) | Easy meanings of all words used in this chapter |
| 1 | Market environment | What a market is and its types |
| 2 | Demand | Law of demand, demand curve, market demand, exceptions, movement vs shift |
| 3 | Supply | Supply vs stock, law of supply, supply curve, what shifts supply |
| 4 | Price determination | Equilibrium, surplus, shortage, price mechanism |
| 5 | Shifts & their effects | 4 shift cases, perishable vs durable goods, reservation price, price instability |
| 6 | Government & price stability | Buffer stock, price floor, price ceiling |
| 7 | E-business & market price | How online shopping changes prices |
| ★ | Sticky notes + Cheat sheet | Quick revision before the exam |
| ✎ | Self-test (41 MCQs) | Answers with simple reasons |
How to study on this website
Your study plan
- Read the Key Terms first (or practise them with Flashcards and the Match game).
- Read each lesson, look at its graph and read the purple “How to read this graph” box. Press 🔊 Listen if you prefer to hear it.
- Do the Quick Check questions at the end of each lesson, then press Mark as complete.
- Play with the Graph Lab and the Shift Simulator to see the curves move.
- Take the full 41-question Exam — your best score goes on the live leaderboard.
- Read the Cheat Sheet once more the night before the exam.