The Laws of Economics and Some Latin Vocabulary |
ceteris paribus
other things being equal |
The Supply Side |
| Law of Increasing Opportunity Cost
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| Law of Supply
and ceteris paribus
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| | An illustration of the Law of Supply
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| | Market Supply Curve
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| | Quantity Supplied versus Supply
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Decrease in Supply of Tomatoes from news headlines
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The Demand Side |
| Law of Diminishing Marginal Utility
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| Law of Demand
and ceteris paribus
|
| | An illustration of the Law of Demand
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Market Demand Curve
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| | Quantity Demanded versus Demand
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Increase in Demand for Chicken from news headlines
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Increase in Demand for Firewood from news headlines
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Decrease in Demand for Travel to the Beach from news headlines
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Law of Demand and Law of Supply |
| | Shifts in Demand and shifts in Supply lead to changes in Equilibrium Price and Equilibrium Quantity
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Not Plain Vanilla
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caveat emptor
Let the Buyer Beware |