Senior Five Economics Self-Study Notes: Price Theory, Demand and Supply

This self-study material from the National Curriculum Development Centre (2020) was produced for Senior Five Economics learners studying at home. It introduces price theory and explains how prices are set, for example through bargaining, auctions, market forces, price control, cartels and resale price maintenance. It also covers the types of prices and what determines a reserve price, along with the main factors that affect pricing. The notes then move on to the market concept and the theory of demand. This section explains the types of demand, demand schedules and curves, and the law of demand, with reasons why the demand curve slopes downwards. Short activities and tasks are included throughout.