Understanding Supply, Demand and Price
The supply and demand for certain products or services can shift in drastic and sometimes unexpected ways. Organisations need to always be on the ball, monitoring their external environment and adjusting their resources, budgets and prices accordingly in order to stay on top. Whether you’re making big pricing decisions or monitoring an organisation’s variances, as a finance professional, a good grasp of supply, demand and price is crucial.
This course provides the fundamental knowledge you need to understand supply and demand and, in turn, apply this knowledge to any decision-making, insights or analysis you may provide on behalf of an organisation – whether it be now or in your future finance career.
Provides 12 hours of CPD
- An overview of markets and the four broad categories of markets that an organisation may be in or interact with
- Critical factors that impact the demand and supply for a good or service, allowing you to better predict how customers and suppliers will react to changes in the market
- How to plot and interpret demand curves to determine the quantity of product demanded, and therefore consumer expenditure, at particular price points
- How to plot and interpret supply curves to determine the amount of product or service that suppliers will be willing to supply at different price points
- How the equilibrium price is determined; the cornerstone of understanding how the theory behind how supply and demand works
- The exceptions to the laws of demand: Giffen and Veblen goods, so that you can identify the specific circumstances where higher prices may increase demand
- Factors that affect price elasticity of demand and supply to improve predictions of how customers and suppliers will react to price changes
- How to calculate the price elasticity of demand and supply to determine the sensitivity of the level of demand and supply for a product to changes in price, allowing the business to make smarter pricing decisions
- Different types of economies and diseconomies of scale and their potential impact on costs to identify the most efficient size for an organisation
Additionally, we’ve provided a series of in-depth practice questions that will test your understanding of the above topics and help cement your understanding of supply and demand. Completing this course will ensure you are more prepared to support organisations in a world of ever-changing supply and demand.
What’s included in the course?
- Thoroughly explores the concepts, theories and models for this topic
- The content is professionally explained by our expert tutors alongside a visual presentation
- Come with downloadable audio files so you can listen to the content offline and on the go
- Full coverage of the video content using engaging and easy-to-follow language
- A range of examples to show you how these concepts might apply to real-life situations, e.g. in finance
- A practical exercise for each module based on the subject’s application in a finance team
- A series of questions designed to test your understanding of what you’ve learnt on the course
- Designed to get you to apply what you’ve learned to scenarios and commit the theory to memory
- The visual presentation from the video can be accessed for note-taking and for browsing alongside the video or audio download
- Can be viewed as still slides or in an interactive format to move around the screen
Purchasing the course
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Astranti CPD Course:
Understanding Supply, Demand and Price
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