Effects of shifts in demand and supply curves on equilibrium price and quantity - Analyzing the impact of demand and supply shifts on equilibrium price and quantity.

Relationships between different markets: - joint demand (complements) - alternative demand (substitutes) - derived demand - joint supply

Meaning and significance of consumer surplus - Defining and explaining consumer surplus.

Meaning and significance of producer surplus - Defining and explaining producer surplus.

Causes of changes in consumer and producer surplus - Analyzing factors that cause changes in consumer and producer surplus.

Significance of price elasticity of demand and of supply in determining the extent of these changes - Examining the role of PED and PES in determining changes in surplus.