1. Define the quantity supplied of a good or service and illustrate it using a supply schedule and a supply curve.
2. Distinguish between the following pairs of concepts: supply and quantity supplied, supply schedule and supply curve, movement along and shift in a supply curve.
3. Identify supply shifters and determine whether a change in a supply shifter causes the supply curve to shift to the right or to the left
DEMAND, SUPPLY, AND EQUILIBRIUM
1. Use demand and supply to explain how equilibrium price and quantity are determined in a market.
2. Understand the concepts of surpluses and shortages and the pressures on price they generate.
3. Explain the impact of a change in demand or supply on equilibrium price and quantity.
4. Explain how the circular flow model provides an overview of demand and supply in product and factor markets and how the model suggests ways in which these markets are linked
