Demand Theory - Economics (Senior Secondary)
Every market transaction depends on the relationship between price and quantity. This course covers the fundamental principles of demand theory in economics. You will study the exact meaning of demand and the specific factors that determine it. The lessons examine demand schedules and curves to show how price variations affect consumer choices. We also analyse the critical difference between a change in quantity demanded and a change in demand.
Understanding consumer behaviour is strictly necessary for making accurate business and economic decisions. This knowledge allows you to predict how market shocks will alter prices and product availability in the real world. In your academic exams, applying these concepts will help you answer complex graphical and theoretical questions accurately. Future business owners and policy makers will use these exact principles to set prices, forecast sales, and manage physical supply chains effectively.
By the end of this course, you will master the logical frameworks used to calculate and interpret market responses. You will identify and model composite, derived, competitive, and joint demand scenarios accurately. You will also calculate the price, income, and cross elasticity of demand using standard percentage formulas. This gives you the technical skills to read market graphs, interpret elasticity coefficients, and determine whether goods are normal, substitutes, or complements.
This course is primarily for Nigerian senior secondary school students and recent leavers preparing for standard matriculation exams. It is also highly useful for early university students taking introductory economics modules. Grasping the fundamental concepts of demand provides a massive advantage for passing standard exams like WAEC, NECO, and JAMB. Even non-economics students will benefit from the clear explanations of how daily pricing decisions affect their personal finances.
$ 9.99
Enrolment valid for 12 months
This course is also part of the following learning track. You may join the track to gain comprehensive knowledge across related courses.
Economics
Economics dictates how societies allocate scarce resources to survive. This track delivers the exact principles required to pass the JAMB UTME and understand the economy of Nigeria. You study resource allocation, supply and demand, production costs, and market structures. The curriculum provides factual knowledge on national income, public finance, and international trade. You gain a practical foundation to predict market trends, manage finances, and make rational decisions in real business environments.
This programme targets senior secondary school students preparing for the JAMB UTME and final examinations. It directly serves university freshmen who require a strict review of basic economics. Young entrepreneurs starting a business in Nigeria will find the pricing principles and survival analysis highly useful. Anyone who seeks a factual grasp of economic realities and local market operations will benefit from this clear structure.
Upon completion, you will calculate price elasticity, determine market equilibrium, and interpret the graphs of production costs. You will understand the functions of financial institutions, the calculation of national wealth, and the mechanics of global commerce. This exact knowledge guarantees a high score in your examinations and provides a strong base for university studies in finance, business, or public administration. You will possess the analytical skills to evaluate government policies and navigate the realities of modern trade.
Economics
Economics dictates how societies allocate scarce resources to survive. This track delivers the exact principles required to pass the JAMB UTME and understand the economy of Nigeria. You study resource allocation, supply and demand, production costs, and market structures. The curriculum provides factual knowledge on national income, public finance, and international trade. You gain a practical foundation to predict market trends, manage finances, and make rational decisions in real business environments.
This programme targets senior secondary school students preparing for the JAMB UTME and final examinations. It directly serves university freshmen who require a strict review of basic economics. Young entrepreneurs starting a business in Nigeria will find the pricing principles and survival analysis highly useful. Anyone who seeks a factual grasp of economic realities and local market operations will benefit from this clear structure.
Upon completion, you will calculate price elasticity, determine market equilibrium, and interpret the graphs of production costs. You will understand the functions of financial institutions, the calculation of national wealth, and the mechanics of global commerce. This exact knowledge guarantees a high score in your examinations and provides a strong base for university studies in finance, business, or public administration. You will possess the analytical skills to evaluate government policies and navigate the realities of modern trade.
Economics dictates how societies allocate scarce resources to survive. This track delivers the exact principles required to pass the JAMB UTME and understand the economy of Nigeria. You study resource allocation, supply and demand, production costs, and market structures. The curriculum provides factual knowledge on national income, public finance, and international trade. You gain a practical foundation to predict market trends, manage finances, and make rational decisions in real business environments. This programme targets senior secondary school students preparing for the JAMB UTME and final examinations. It directly serves university freshmen who require a strict review of basic economics. Young entrepreneurs starting a business in Nigeria will find the pricing principles and survival analysis highly useful. Anyone who seeks a factual grasp of economic realities and local market operations will benefit from this clear structure. Upon completion, you will calculate price elasticity, determine market equilibrium, and interpret the graphs of production costs. You will understand the functions of financial institutions, the calculation of national wealth, and the mechanics of global commerce. This exact knowledge guarantees a high score in your examinations and provides a strong base for university studies in finance, business, or public administration. You will possess the analytical skills to evaluate government policies and navigate the realities of modern trade.
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Course Chapters
1. Introduction3
1. Introduction
3
This chapter introduces the fundamental principles of demand theory in economics, establishing the framework for understanding how consumers interact with markets. It outlines the course structure and sets the stage for exploring the relationship between price, quantity, and consumer behaviour.
You will understand the scope of demand theory, identify the key topics to be covered, and recognise the importance of demand analysis in economic decision-making.
Concept Overviews
3 Lessons
2. Meaning And Determinants42
2. Meaning And Determinants
4
2
This chapter examines the concept of demand in economics, distinguishing it from mere desire or want. It explores the factors that influence consumer choices and shape market outcomes, providing the analytical tools necessary to understand how demand functions in real-world scenarios.
You will define demand using economic terminology, identify the key determinants of demand, and construct demand functions to model consumer behaviour mathematically.
Concept Overviews
4 Lessons
Problem Walkthroughs
2 Lessons
3. Demand Schedules And Curves33
3. Demand Schedules And Curves
3
3
This chapter explores the graphical and tabular representation of demand, showing how price and quantity demanded are related. It introduces the demand schedule as a tool for organising data and the demand curve as a visual representation of consumer behaviour, including both normal and exceptional cases.
You will construct demand schedules from given data, plot demand curves, interpret the slope of the demand curve, and distinguish between individual and market demand.
Concept Overviews
3 Lessons
Problem Walkthroughs
3 Lessons
4. Change In Demand33
4. Change In Demand
3
3
This chapter clarifies the critical distinction between a change in quantity demanded and a change in demand, a common source of confusion in economics. It explains how price changes cause movements along the demand curve, while other factors cause shifts of the entire curve.
You will differentiate between movement along and shifts of the demand curve, identify the causes of expansion and contraction of demand, and analyse the effects of shifts in demand on market outcomes.
Concept Overviews
3 Lessons
Problem Walkthroughs
3 Lessons
5. Types Of Demand44
5. Types Of Demand
4
4
This chapter examines the various types of demand that arise in different market contexts, including derived, joint, competitive, and composite demand. It explores how the demand for one good is linked to the demand for another, and how these relationships affect consumer choices and market dynamics.
You will identify and explain the characteristics of derived, joint, competitive, and composite demand, and apply these concepts to real-world examples of consumer behaviour.
Concept Overviews
4 Lessons
Problem Walkthroughs
4 Lessons
6. Price Elasticity46
6. Price Elasticity
4
6
This chapter introduces the concept of price elasticity of demand, measuring the responsiveness of quantity demanded to changes in price. It explores the different types of price elasticity, from perfectly inelastic to perfectly elastic, and demonstrates how to calculate the coefficient of elasticity using percentage changes.
You will define price elasticity of demand, identify the five types of price elasticity, calculate the coefficient of price elasticity using the percentage method, and interpret the results in terms of consumer behaviour.
Concept Overviews
4 Lessons
Problem Walkthroughs
6 Lessons
7. Income And Cross Elasticity
7. Income And Cross Elasticity
This chapter extends the concept of elasticity to include income elasticity and cross elasticity of demand. It explores how changes in consumer income and the prices of related goods affect demand, and how these elasticities can be used to classify goods as normal, inferior, substitutes, or complements.
You will calculate income elasticity of demand, distinguish between positive and negative income elasticity, calculate cross elasticity of demand, and interpret the results in terms of the relationship between goods.
8. Elasticity Applications
8. Elasticity Applications
This chapter examines the factors that influence the elasticity of demand and the importance of elasticity concepts to consumers, producers, and government. It explores how knowledge of elasticity can be used to make informed decisions about pricing, taxation, and production.
You will identify the factors that affect elasticity of demand, explain the importance of elasticity to producers in setting prices and output, and analyse the role of elasticity in government taxation policy.
9. Conclusion
9. Conclusion
This chapter summarises the key concepts and principles of demand theory covered in the course. It reviews the meaning and determinants of demand, the graphical representation of demand, the distinction between change in quantity demanded and change in demand, the types of demand, and the concept and applications of elasticity.
You will consolidate your understanding of demand theory, recognise the interrelationships between the various concepts, and appreciate the relevance of demand analysis to economic decision-making in business and government.