Main Article Content
Abstract
Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. The market for a product or service is said to be in equilibrium at a price when the quantity demanded equals the quantity supplied. This precalculus based article provides an introductory overview of key notions in economics. It shows how consumer behavior and firms profit-optimizing decisions give rise to a market’s demand and supply curves. Algebraic and
graphical representations of demand and supply functions are used to examine properties related to a
market’s equilibrium.