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Macro Economics, Week4 Notes

by: Johanna Glaser

Macro Economics, Week4 Notes ECON 2220-004

Marketplace > University of Nebraska at Omaha > ECON 2220-004 > Macro Economics Week4 Notes
Johanna Glaser
GPA 3.717
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About this Document

These are the notes from Week 4, likely to be on test Wednesday the 21st.
Principles of Economics-Macro
R. Metz
Class Notes




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This 2 page Class Notes was uploaded by Johanna Glaser on Friday September 16, 2016. The Class Notes belongs to ECON 2220-004 at University of Nebraska at Omaha taught by R. Metz in Fall 2016. Since its upload, it has received 30 views.


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Date Created: 09/16/16
Week 4 Chapter 4: The Market Forces of Supply and Demand What is a Market?  Market: any place where buyers & sellers meet & interact  Types:  Goods & Services  Productive resources  Money & financial assets  Vocal, domestic, international  In person, electronic, etc.  Buyers determine demand for product  Sellers determine the supply for product Competitive Market:  Many buyers & sellers  Both has negligible impact on price  Price & quantity are determined by all buyers & sellers as they interact in the market  place Perfectly Competitive Market:  Goods offered for sale are exactly the same  Buyers & sellers are numerous o Price takers o No single person has influence  At Market Price o Buyers can buy all they want o Sellers can sell all they want Monopoly: only one seller who sets the price Demand: curve that shows the amount of product consumers are willing & able to purchase at possible prices Law of Demand: Decrease in price leads to increase in quantity demanded & vice versa Pri ce Demand Curve Qu anti ty Reasons for Inverse Relationships:  Substitution: buy cheaper goods over higher price goods  Income: decrease in price is tantamount (same as) to an increase in income  Marginal Utility Theory: as successive units of a product are consumed, the extra unit will yield diminishing amounts of extra satisfaction  Change in Quantity Demanded: a change in the price of that product   Change in Demand: moves the actual demand curve o Change in anything other than price o Income  Normal goods: as income increases, demand increases (clothing, steak)  Inferior goods: as income increases, demand decreases (goodwill clothes,  bus) Number of buyers­ as buyer’s increase, so does Demand Price of Related Goods: change in the price of related goods may increase or decrease Demand  for a Good depending if Good is a substitute  o Substitute: goods with the relationship that a decrease in the price of Good “A” results in  an increase in quantity of Good “B” Prices:  Signals that guide the allocation of resources  Mechanism for rationing scarce resources  Determine who produces each good & how much is produced Voluntary market transactions leave all participants better off


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