Supply and demand in 8 minutes

Jacob Clifford's video aims to save time by teaching the application of supply and demand in economics. It covers the demand curve, its inverse relationship with price, and the three reasons for the law of demand: substitution effect, income effect, and diminishing marginal utility. The video also explains the five determinants of demand and supply, emphasizing that price changes move along the curve, while other factors shift it. The video concludes with a discussion on equilibrium, disequilibrium, and practical applications, encouraging viewers to practice and explore further resources.

How do changes in consumer expectations affect demand?

What is the concept of disequilibrium in the context of supply and demand?

What happens to the equilibrium price and quantity when demand increases?