NotizAIExample: a study sheet from an economics lecture
What NotizAI makes from one recorded lecture. The lecture is fictional, written for this example; the format is what you get in the app.
Recorded lecture · Economics I · 1 h 28 min
Note
Supply, demand and equilibrium
The market price settles where the quantity supplied equals the quantity demanded. When the price rises, households buy less – that is the law of demand. Firms, on the other hand, supply more.
Remember: a shift of the curve is not the same as a movement along the curve. If only the price changes, we move along the curve.
Watch out, exam classic: a price ceiling below equilibrium leads to shortages.
Key terms
- Equilibrium price
- The price at which quantity supplied equals quantity demanded.
- Law of demand
- When the price rises, the quantity demanded falls, other things equal.
- Price ceiling
- A legal maximum price; below equilibrium it causes shortages.
Flashcards
The price at which supply equals demand.
Higher price, lower quantity demanded.
A shortage.
Quiz
A change in income shifts the demand curve. A change in the good's own price…
…moves along the demand curve.
Only factors other than the good's own price shift the curve.
Mind map
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