The document provides an overview of the basic economic concepts of supply and demand. It explains that supply is represented by an upward sloping supply curve, as higher prices lead to greater production. Demand is shown by a downward sloping demand curve, as consumers will buy more of a good at lower prices. The equilibrium point is where supply and demand are equal, which establishes the market price. The document also discusses elastic versus inelastic demand and how responsive demand is to price changes.
![The Supply & Demand Model ,[object Object],[object Object],[object Object],[object Object],[object Object],Quit](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)