What The Heck is "Quantity" Supposed to Mean?! Watch

Ghost182
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Hi there, just had a question on Economics and was looking for an answer, not really a student, but I figured, hey, where better to get an answer on economics lol

There are 8 possible scenarios involving changes in supply and demand that people are supposed to memorize in AS Economics:

The Four Times when Either Demand OR Supply Move on Their Own:
Rising Demand - Increase in Qty - Increase in Price
Falling Demand - Decrease in Qty - Decrease in Price
Rising Supply - Increase in Qty - Decrease in Price
Falling Supply - Decrease in Qty - Increase in Price

And The Four Times When Both Supply AND Demand Move Together:
Rising Demand - Falling Supply - ? Change in Qty - Big Increase in Price
Rising Supply - Falling Demand - ? Change in Qty - Big Decrease in Price
Rising Demand AND Supply - Big Increase in Qty - ? Change in Price
Falling Demand AND Supply - Big Decrease in Qty - ? Change in Price

While price is pretty self explanatory in every situation, I have yet to fully understand what "Quantity" represents. What does it mean in these examples? Does it mean "Equilibrium Quantity"? If so, can somebody please explain how the "Quantity Demanded" and "Quantity Supplied" are related to each other, and how they relate to/fit in with each of the examples above?

Obviously trying to grasp the basics, would really appreciate some help.

Thanks ^_-
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Ghost182
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Whoops, sorry, wrong section. I'll repost in the study help sub-forum on Economics, could somebody just delete this thread? Thank you.
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Good bloke
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(Original post by Ghost182)
Hi there, just had a question on Economics and was looking for an answer, not really a student, but I figured, hey, where better to get an answer on economics lol

There are 8 possible scenarios involving changes in supply and demand that people are supposed to memorize in AS Economics:

The Four Times when Either Demand OR Supply Move on Their Own:
Rising Demand - Increase in Qty - Increase in Price
Falling Demand - Decrease in Qty - Decrease in Price
Rising Supply - Increase in Qty - Decrease in Price
Falling Supply - Decrease in Qty - Increase in Price

And The Four Times When Both Supply AND Demand Move Together:
Rising Demand - Falling Supply - ? Change in Qty - Big Increase in Price
Rising Supply - Falling Demand - ? Change in Qty - Big Decrease in Price
Rising Demand AND Supply - Big Increase in Qty - ? Change in Price
Falling Demand AND Supply - Big Decrease in Qty - ? Change in Price

While price is pretty self explanatory in every situation, I have yet to fully understand what "Quantity" represents. What does it mean in these examples? Does it mean "Equilibrium Quantity"? If so, can somebody please explain how the "Quantity Demanded" and "Quantity Supplied" are related to each other, and how they relate to/fit in with each of the examples above?

Obviously trying to grasp the basics, would really appreciate some help.

Thanks ^_-
The quantity is the number of units bought and sold. The quantity bought will always equal the number sold but remember that if demand rises considerably manufacturers may not be able to supply the extra (due to manufacturing lags, legal restraints, having stopped manufacture etc) and the price is likely to rise significantly unless constrained by regulation.

In the situations described you know about demand and supply changes so should be able to work out the resultant changes in prices and/or numbers sold in each scenario.
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