How to understand the demand curve
Religion & Liberty Online

How to understand the demand curve

Note: This is the second post in a weekly video series on basic microeconomics.

To demonstrate how much of a good or service people are willing to buy at different prices, economists often use a graph called the demand curve.

In this video, Marginal Revolution University reveals what a demand curve is, explains “why people go crazy on Black Friday,” and shows how people respond to changes in the price of oil.

(If you find the pace of the videos too slow, I’d recommend watching them at 1.5 to 2 times the speed. You can adjust the speed at which the video plays by clicking on “Settings” (the gear symbol) and changing “Speed” from normal to 1.25, 1.5 or 2.)

Previous in series: What Christians should know about (basic) economics

Joe Carter

Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).