New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Demand and Supply

by: Kerrigan Unter

Demand and Supply ECON 1011

Kerrigan Unter
GPA 3.0
Foster, I

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Foster, I
Class Notes
Economics, demand, supply
25 ?





Popular in Economcs

This 3 page Class Notes was uploaded by Kerrigan Unter on Monday October 19, 2015. The Class Notes belongs to ECON 1011 at George Washington University taught by Foster, I in Summer 2015. Since its upload, it has received 17 views. For similar materials see INTRODUCTION TO MICROECONOMICS in Economcs at George Washington University.


Reviews for Demand and Supply


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/19/15
ECON 1011 Chapter 14 Demand and Supply Supply Market the institutions that bring together buyers and sellers 1 Price and the Supply Curve Quantity supplied the quantity sellers are willing to sell of a good or service at a particular price during a particular period all other things unchanged an increase in price results in an increase in quantity supplied and this relationship is often referred to as the law of supply Supply schedule table that shows quantities supplied at different prices during a particular period all other things unchanged Supply curve graphical representation of a supply schedule shows the relationship between price and quantity supplied during a particular period all other things unchanged Because the relationship between price and quantity supplied is generally positive supply curves are generally upward sloping Change in quantity supplied movement along the supply curve caused by a change in price 12 Changes in Supply Change in supply shift in the supply curve A change that increases the quantity of a good or service supplied at each price shifts the supply curve to the right a change that decreases the quantity of a good or service supplied at each price shifts the supply curve to the left Supply shifter variable that can change the quantity of a good or service supplied at each price Supply Shifters prices of factors of production returns from alternative activities technology seller expectations natural events the number of sellers Demand Supply and Equilibrium Model of demand and supply model that uses demand and supply curves to explain the determination of price and quantity in a market 2 The Determination of Price and Quantity Equilibrium price price at which quantity demanded equals quantity supplied Equilibrium quantity quantity demanded and supplied at the equilibrium price At a price above the equilibrium there is a natural tendency for the price to fall At a price below the equilibrium there is a tendency for the price to rise Surplus amount by which the quantity supplied exceeds the quantity demanded at the current price surplus occurs only if the current price exceeds the equilibrium price reduction in quantity supplied is a movement along the supply curve Shortage amount by which the quantity demanded exceeds the quantity supplied at the current price a price below equilibrium will cause a shortage 22 Shifts in Demand and Supply several events may occur at around the same time that cause both the demand and supply curves to shift 22 An Overview of Demand and Supply The Circular Flow Model Circular ow model model that provides a look at how markets work and how they are related to each other Payments to rms for goods and services Product markets Blue Jeans Haircuts Apartments Goods and Goods and services services Firms Households Factors of Factors of production Factor markets production 0 S 0 S 0 S e gtlt a 3 D 3 D g D Textile Barbers Apartment workers buildings Payments to households for factors of production Product markets markets in which rms supply goods and services demanded by households Factor markets markets in which households supply factors of production labor capital and natural resources demanded by rms


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Jennifer McGill UCSF Med School

"Selling my MCAT study guides and notes has been a great source of side revenue while I'm in school. Some months I'm making over $500! Plus, it makes me happy knowing that I'm helping future med students with their MCAT."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.