Supply and Demand Review
Supply and Demand Review ECON 222 001
Popular in Principles of Macroeconomics
Popular in Economcs
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This 1 page Bundle was uploaded by Megan Hannah Barr on Thursday September 10, 2015. The Bundle belongs to ECON 222 001 at University of North Carolina - Wilmington taught by Adam Jones in Fall 2015. Since its upload, it has received 66 views. For similar materials see Principles of Macroeconomics in Economcs at University of North Carolina - Wilmington.
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Date Created: 09/10/15
Supply and Demand Review Marketing Signals Buyers and sellers participate in markets and communicate through price signals 0 A market is a group of buyers and sellers of a particular product In a perfectly competitive market 0 All goods are the same 0 Buyers and sellers are so numerous that no one can affect the market price each is a quotprice takerquot Two sides of the market the demand side and supply side Aggregate Demand and Supply Macroeconomic model 0 Aggregate demand CIGNX Aggregate suppy AfCKHN The Demand curve The quantity demanded is the amount of a good that buyers and sellers are willing and able to purchase Law of demand the claim that the quantity demanded of a good falls when the price of a good increases oDemand curve A graph of the relationship between the price of a good and the quantity demanded Law of Demand 0 Claim that increase in price will cause the quantity demanded to decrease A change in price causes a movement a long the demand curve Nonprice determinants Number of buyersMarket demand is the sum of individual demand more buyers means greater demand curve shifts right Plagues and wars reduce pop and shift in demand
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