Demand, Supply, and Market Equilibrium

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Presentation transcript:

Demand, Supply, and Market Equilibrium

Markets Bring Buyers (demanders) and sellers (suppliers) together Stores Stock Exchanges Even Employment

Demand Shows amount of product that consumers and willing and able to purchase Demand Curve (Price by Quantity) Law of Demand Diminishing marginal Utility Determinants of Demand

Changes in Demand Preferences # of Buyers Incomes Price of related good Substitute good Complementary good Consumer Expectation Changes in Quantity demanded

Supply Amounts of product a producer is willing and able to make Law of Supply- more at high price less at a low price Marginal cost Supply Curve

Determinants of Supply Resource Prices Technology Taxes and Subsidies Prices of other goods Substitution in production Producer Expectations Number of Sellers

Market Equilibrium Price where intensions of buyers and sellers match Surplus and Shortage Changes in in Supply or Demand shift the market equilibrium

Application: Government Set Prices Price Ceiling Rationing Black Markets Fill gaps Rent Control Price Floor