Supply and Price Determination - Economics (Senior Secondary)

Markets operate on strict rules of supply and price. This course covers the exact mechanisms producers use to supply goods and how markets find balance. It explains the meaning of supply, its determinants, schedules, and curves alongside joint, competitive, and composite supply types. You will study supply elasticity, price system functions, and equilibrium in product and factor markets. It includes the effects of supply and demand shifts, price legislation, and simple linear equations to explain pricing mechanics. Understanding these concepts allows you to predict market changes and pricing structures. Producers use these metrics to maximise profit, while governments use legislation to control prices. You can apply this knowledge to evaluate business decisions, understand local trade, and interpret daily market shifts in Nigeria and globally. It provides a concrete foundation for business, finance, and public policy by explaining exactly how market forces set prices. By the end of the modules, you will accurately define supply and plot supply curves from schedules. You will calculate the elasticity of supply and apply simple linear equations to solve practical market problems. You will determine market equilibrium, analyse the effects of supply shifts, and evaluate the impact of minimum and maximum price legislation. These exact skills give you a clear mathematical and logical framework to analyse the pricing of goods. This material targets senior secondary students preparing for the JAMB UTME and other leaving examinations. It also directly benefits university freshmen requiring a refresher on fundamental economic principles and everyday people seeking to understand market operations. Any learner without prior economic background can use this clear structure to master the basic rules of supply and the determination of prices.

$ 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.

Course Chapters

1. Introduction

This chapter introduces the course on supply and price determination, outlining the structure and objectives of the modules ahead. It sets the stage for understanding how producers respond to market signals and how prices are established through the interaction of supply and demand. You will review the course outline, identify the key topics to be covered, and understand the relevance of supply theory and price mechanisms in everyday economic life.

Concept Overviews

3 Lessons

2. Meaning and Determinants

This chapter examines the meaning of supply and the key factors that influence producers' willingness and ability to offer goods for sale. It establishes the foundational relationship between price and quantity supplied, and introduces the ceteris paribus assumption. You will define supply, state the law of supply, identify the determinants of supply, and distinguish between change in quantity supplied and change in supply.

Concept Overviews

4 Lessons

Problem Walkthroughs

3 Lessons

3. Schedules and Curves

This chapter explains how supply data is organised into schedules and represented graphically as supply curves. It demonstrates the positive relationship between price and quantity supplied and introduces market supply as the aggregation of individual supplies. You will construct supply schedules from given data, plot individual and market supply curves, and interpret the upward slope of the supply curve.

Concept Overviews

2 Lessons

Problem Walkthroughs

4 Lessons

4. Types

This chapter explores the different categories of supply based on the relationship between commodities. It distinguishes between joint, composite, and competitive supply, and explains how these types affect market outcomes. You will define and give examples of joint or complementary supply, composite supply, and competitive supply, and explain how each type influences the availability of goods in the market.

Concept Overviews

3 Lessons

Problem Walkthroughs

2 Lessons

5. Elasticity

This chapter introduces the concept of elasticity of supply as a measure of how responsive quantity supplied is to changes in price. It covers the types, measurement, and determinants of elasticity of supply. You will define elasticity of supply, identify its types, calculate the coefficient of elasticity using given data, and explain the factors that affect the elasticity of supply.

Concept Overviews

3 Lessons

Problem Walkthroughs

7 Lessons

6. Market and Price Concepts

This chapter introduces the concepts of market and price, and explains the functions of the price system in a free market economy. It highlights how prices coordinate the decisions of buyers and sellers. You will define the concepts of market and price, explain the functions of the price system, and identify the factors that determine price in a market economy.

7. Equilibrium Price and Quantity

This chapter explains how the interaction of demand and supply determines the equilibrium price and quantity in a free market. It covers the effects of changes in demand and supply on equilibrium and introduces the use of simple linear equations to solve for equilibrium values. You will define equilibrium price and quantity, determine equilibrium from schedules and graphs, analyse the effects of shifts in demand and supply, and solve simple linear equations for equilibrium price and quantity.

8. Price Legislation

This chapter examines the effects of government intervention in the price system through minimum and maximum price legislation. It explains the economic consequences of price floors and price ceilings. You will define minimum and maximum price legislation, explain the reasons for their imposition, and analyse the economic consequences of each, including excess supply, excess demand, and the emergence of black markets.

9. Conclusion

This chapter provides a summary of the key concepts covered in the course on supply and price determination. It reviews the law of supply, types of supply, elasticity, equilibrium, and price legislation. You will revisit the main ideas from each topic, consolidate your understanding of how markets operate, and appreciate the relevance of these concepts to real-world economic decision-making.