Intro to Food and Resource Economics Week Four
Intro to Food and Resource Economics Week Four 2713
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This 1 page Class Notes was uploaded by Taylor Baker on Tuesday September 6, 2016. The Class Notes belongs to 2713 at Mississippi State University taught by Danny Barefield in Fall 2016. Since its upload, it has received 24 views. For similar materials see Intro to Food & Resource Econ in agricultural economics at Mississippi State University.
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Date Created: 09/06/16
Intro to Food and Resource Economics Week 4 Notes - September 6-9, 2016 (Only one day of notes due to the test being on Thursday September 8, 2016) - you always want to get to equilibrium between supply and demand. - when supply and demand are not at equilibrium: - surplus (excess supply): the state where quantity supplied exceeds quantity demanded. - shortage (excess demand): the state where quantity demanded exceeds quantity supplied. - the suppliers will either decrease or increase to meet demand and therefore get to equilibrium. - new technology reduces time which reduces input prices which increases supply. - Conclusion: How Prices Allocate Resources - one of the ten principles from chapter one: - Markets are usually a good way to organize economic activity - In market economies, prices adjust to balance supply and demand and bring about equilibrium.These equilibrium prices are the signals that guide economic decisions and thereby allocate scarce resources.
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