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Economics 201 wk 4 notes

by: Katie Conner

Economics 201 wk 4 notes Econ 201

Marketplace > Economcs > Econ 201 > Economics 201 wk 4 notes
Katie Conner

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About this Document

Notes covering supply and demand and movement along the PPF curve
Intro Economics: Survey Course
Donna Bueckman
Class Notes
Econ 201, economics 201, Intro to Economics
25 ?




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This 2 page Class Notes was uploaded by Katie Conner on Saturday February 6, 2016. The Class Notes belongs to Econ 201 at a university taught by Donna Bueckman in Spring 2016. Since its upload, it has received 23 views.

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Date Created: 02/06/16
Econ wk 4 Supply and Demand Markets and competition Market­anything that brings together buyers and sellers Competitive market­market with multiple buyers and sellers Perfectly competitive­buyers and sellers don’t influence price Rational people Systematically and purposefully tries to achieve objectives Evaluates costs and benefits of marginal analysis Marginal analysis­making incremental adjustments to an existing plan Demand There must be a willingness and an ability to buy Quantity demanded­amount of a product wanted at a given price Law of demand­claim that the quantity demanded of a good falls when its price (P) rises;  when price changes demand will change Demand schedule­list of prices and quantities Demand curve­graph of demand schedule Market demand vs individual demand Demand curve shifters ­number of buyers ­income and inferior goods: as income goes up, demand for cheaper goods goes down ­prices of related goods (substitutes)  ­compliments: when price for one goes up, demand for its compliment goes down ­tastes: peoples taste/preferences change over time ­expectations Terms for shift vs movement along the demand curve Change in demand­a shift on the curve; non­price determinant changes Change in quantity demanded­a movement along a fixed curve; occurs when price changes Supply Must be a willingness and ability to sell Quantity supplied Law of supply­the claim that the quantity supplied of a good rises when its price rises The supply schedule Supply curve shifters (non­price determinant) ­number of sellers ­input prices ­technology ­expectations ­government policy ­natural production conditions  ­prices of substitutes in production Terms for shift vs movement along curve Change in supply­a shift in the curve Change in quantity supplied­determined by change in price


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