Model overview
Market & Equilibrium
Demand, supply, elasticity, taxes, and the budget line.
Navigate the learning sections below, then move into the interactive model once you want to experiment with parameters.
01
Section 1
The Market Economy
An overview of how markets coordinate economic activity.
02
Section 2
Demand and Supply
The laws of demand and supply and how they interact.
03
Section 3
Determinants of Equilibrium
Factors that shift supply and demand and change the equilibrium.
04
Section 4
Elasticities
Price and income elasticities of demand and supply.
05
Section 5
Government Interventions
Price floors, price ceilings, and their effects on markets.
06
Section 6
Taxes
How taxes affect market outcomes and the incidence of taxation.
07
Section 7
The Budget Line
Consumer choice, budget constraints, and the effects of income and price changes.