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SS1: ECONOMICS - 1ST TERM

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  1. Introduction to Economics | Week 1
    3 Topics
    |
    1 Quiz
  2. Basic Concept of Economics | Week 2
    4 Topics
    |
    1 Quiz
  3. Basic Tools for Economic Analysis | Week 3
    8 Topics
    |
    1 Quiz
  4. Measure of Central Tendency | Week 4
    4 Topics
    |
    1 Quiz
  5. Theory of Demand & Supply I | Week 5
    5 Topics
    |
    1 Quiz
  6. Theory of Demand & Supply II | Week 6
    7 Topics
    |
    1 Quiz
  7. Theory of Production I | Week 7
    7 Topics
    |
    1 Quiz
  8. Theory of Production II | Week 8
    4 Topics
    |
    1 Quiz
  9. Basic Economic Problems of the Society | Week 9
    1 Topic
    |
    1 Quiz
  10. Economic System | Week 10
    4 Topics
    |
    1 Quiz



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Topic Content:

  • Determination of:
    • Equilibrium Price
    • Equilibrium Quantity

Equilibrium is a balanced state.

Equilibrium Price:

Equilibrium price is the price at which the quantity supplied is equal to the quantity demanded, where the price corresponds to the point of intersection of demand and the supply curve. In other words, the two forces of supply and demand operate in order to fix the price of the commodity.

The price at which sellers are willing to supply, and buyers are willing and able to buy is called the equilibrium or market price. This can be shown in the diagram below:

 

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