Supply and Demand Explained So Simply a Kid Could Get It | Lesson 2

Why are strawberries cheap in summer and expensive in winter? In this lesson we answer that puzzle with one simple lemonade stand. Step by step on the chalkboard, we build the demand curve, the supply curve, and see where they meet. You'll learn: Demand and the law of demand How to draw a demand curve from a price table Moving along a curve vs shifting the whole curve The 5 things that shift demand Substitutes and complements Supply, the law of supply, and what shifts supply Equilibrium price and quantity Surplus and shortage What happens to prices when the curves move Perfect for high school and first-year university students, or anyone who finds economics confusing. Chapters 0:00 Welcome 0:22 Why do prices change? 0:45 Demand 1:16 The law of demand 1:52 The demand curve 2:21 Moving along vs shifting 2:49 What shifts demand 3:33 Substitutes and complements 4:09 Supply 4:46 The supply curve 5:10 What shifts supply 5:57 Equilibrium 6:31 Surplus 7:00 Shortage 7:37 When the curves move 8:10 Recap 8:54 Goodbye Previous lesson: What is Economics? (Lesson 1) Next lesson: Elasticity. #economics #supplyanddemand #YouCanLearn