Econ 1200 Week of 1/18/2016 Notes
Econ 1200 Week of 1/18/2016 Notes 1200
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This 3 page Class Notes was uploaded by Kaitlin Myers on Sunday January 10, 2016. The Class Notes belongs to 1200 at University of Toledo taught by Andrew D. Blazsik in Fall 2016. Since its upload, it has received 16 views. For similar materials see Principles Of Microeconomics in Economcs at University of Toledo.
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Date Created: 01/10/16
Econ 1200 Notes 1/20/2016 Kaitlin Myers Law of Demand: The need for a product. A market’s willingness to buy a product. Always a downward slope. Has an inverse relationship with price and quantity. (If the price rises, the quantity will lower or vice-versa.) Competitive Market: An arrangement that brings buyers and sellers together Quantity Demanded: All variables are constant besides the price. To change the demand curve: 1. Prices of related goods. (or substitutes) If another similar products price goes up, the demand for your product will go up. 2. Expected Prices If consumers think the price will rise, they will purchase more of that product. 3. Income If income rises, those people won’t buy the cheaper goods anymore. They will purchase the more expensive goods. 4. Expected future income and credit 5. Number of buyers An increase/decrease in population or an aging population 6. Preferences Consumer’s might change their mind on what products they like. 1,3,5, and 6 you need to know for the test. Prices of Related goods: 1. Substitute: takes the place of a product. (Redbull & Monster) 2. Complement: Is sold along side with the product. (Icecream and fudge) Income: 1. Normal Good *If income rises, demand for normal good will go up/ vice- versa for 2. Inferior Good inferior good
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