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Economic review

Demand and supply analysis

The article by Caroline Elliot and Jon Guest elsewhere in this issue of ECONOMIC REVIEW discusses the elements of the demand and supply model. Here is a summary of the key aspects of the model

The demand curve shows how much of a good will be demanded by consumers at any given price, as in Figure 1.

The law of demand states that there is an inverse relationship between the quantity demanded and the price of a good or service (ceteris paribus), so the demand curve is downward-sloping.

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Previous

The balance of payments

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Sport and Covid-19: exploring the economic impact of cancellations

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