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## Macroeconomics Week 3 Notes

by: Garrett Anderson

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# Macroeconomics Week 3 Notes econ 22061-002

Marketplace > Kent State University > Economcs > econ 22061-002 > Macroeconomics Week 3 Notes
Garrett Anderson
KSU
GPA 3.951

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These cover important points from Chapter 3. Demand and Supply shifts.
COURSE
Macroeconomics
PROF.
Dr. Rohlin
TYPE
Class Notes
PAGES
1
WORDS
CONCEPTS
Macroeconomics
KARMA
25 ?

## Popular in Economcs

This 1 page Class Notes was uploaded by Garrett Anderson on Monday February 15, 2016. The Class Notes belongs to econ 22061-002 at Kent State University taught by Dr. Rohlin in Winter 2016. Since its upload, it has received 20 views. For similar materials see Macroeconomics in Economcs at Kent State University.

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Date Created: 02/15/16
CHAPTER 4 Law of Demand: Claim that Quantity demanded falls when the Price rises.   Demand Schedule: Graph looks like steps.   Market Demand is sum of all demands. Demand Shifters: 1. Change in # of buyers  2. Change in income or wealth Normal Good: Demand for a good increases when income increases. Inferior Good: Demand increases when income decreases. 3. Price of related goods Compliment: Things that go together.  Price of one good increases, the demand for the  other falls. Substitute: Thing to replace another thing.   Price of one good increases, the demand for  the other increases. 4. Tastes 5. Expectations: Expect income to rise in future, increase demand today Law of Supply: Claim that Quantity supplied rises as price rises Supply Schedule: Price rises, make more products Shifters in Supply:  # of sellers  Input prices (also wages)  Technology  Expectations –self fulfilling

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