---
title: Supply & Demand
description: Supply and demand is the foundational economic model explaining how prices and quantities of goods are determined in a market. Learners will understand how market equilibrium is reached and how external factors shift supply and demand curves.
category: finance-economics
subcategory: economics-(social-lens)
difficulty: beginner, intermediate, advanced
url: /subject/supply-demand
---

# Supply & Demand

Supply and demand is the foundational economic model explaining how prices and quantities of goods are determined in a market. Learners will understand how market equilibrium is reached and how external factors shift supply and demand curves.

## Available Resources

1 Books • 1 Courses • 1 Websites • 1 Papers

## Papers

### 1. The Use of Knowledge in Society

**Author:** Friedrich A. Hayek

Hayek's 1945 American Economic Review essay arguing that prices aggregate dispersed, local knowledge no central planner can hold. Explains why a market price carries information rather than merely clearing a diagram, and underpins later treatments of supply and demand.

**Difficulty:** Intermediate | **Language:** English | **Price:** Free

**Link:** https://www.econlib.org/library/Essays/hykKnw.html

**Tags:** price-theory, knowledge-problem, austrian-economics, market-coordination, classic-essays

## Books

### 1. Intermediate Microeconomics: A Modern Approach (9th Edition)

**Author:** Hal R. Varian

Standard intermediate microeconomics textbook. Builds market demand and supply from utility maximisation and cost curves, then treats equilibrium, comparative statics, taxes, and welfare with algebra and light calculus. Requires prior exposure to principles-level economics.

**Difficulty:** Advanced | **Language:** English | **Price:** Paid

**Link:** https://www.amazon.com/dp/0393123960?tag=edmonddante07-20

**Tags:** microeconomics, consumer-theory, market-equilibrium, comparative-statics, welfare-economics

## Websites

### 1. The Economy 2.0: Microeconomics — Unit 8, Supply and Demand

**Author:** CORE Econ project (Bowles, Carlin, et al.)

Unit 8 of CORE's open-access textbook The Economy 2.0. Develops supply and demand from individual willingness to pay and marginal cost, derives competitive equilibrium, then asks where the price-taking model actually holds and where it fails.
It opens with the US Civil War cotton blockade to show prices transmitting information across continents, then builds the model formally, and — unusually — devotes section 8.10 to whether the competitive supply-and-demand model is a good model at all.

**Difficulty:** Beginner | **Language:** English | **Price:** Free

**Link:** https://books.core-econ.org/the-economy/microeconomics/08-supply-demand-01-american-civil-war.html

**Tags:** supply-and-demand, competitive-equilibrium, microeconomics, open-textbook, price-taking

## Courses

### 1. Principles of Economics: Microeconomics (Marginal Revolution University)

**Author:** Tyler Cowen, Alex Tabarrok

Free video course from economists Tyler Cowen and Alex Tabarrok covering demand and supply curves, equilibrium, elasticity, price controls, and taxes. Short animated lessons with practice questions, using real markets such as oil and housing as running examples.

**Difficulty:** Beginner | **Language:** English | **Price:** Free

**Link:** https://learn.mru.org/courses/principles-of-microeconomics

**Tags:** microeconomics, supply-and-demand, elasticity, price-controls, taxation

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