Chapter 8 Review.

Slides:

Advertisements

Similar presentations

LECTURE #5: MICROECONOMICS CHAPTER 6 Government Intervention Policy Objectives Policy Tools.

Advertisements

Economics Chapter 7 Supply and Demand.

Supply and Demand Chapter 3. Competitive Market Lots of buyers and sellers dealing in identical goods.

Chapter 4 Demand, Supply, and Markets © 2009 South-Western/Cengage Learning.

Chapter 7 Supply & Demand

Demand and Supply: Basics September 9, Demand  In a market economy, the price of a good is determined by the interaction of demand and supply.

Supply and Demand Micro Unit 2: chapters 4, 5, 6.

Chapter 3 Demand and Supply Huanren (Warren) Zhang.

Demand, Supply, and Elasticity. Markets In a market economy, the price of a good is determined by the interaction of demand and supply.

Individual Markets: Demand & Supply 3 C H A P T E R.

Chapter 4 Demand and Supply. The Market can be a location, network of buyers and sellers for a product, demand for a product or a price-determination.

Unit 3: Microeconomics SSEMI3 The student will explain how markets, prices, and competition influence economic behavior. a. Identify and illustrate on.

 As the price of a good or service that producers are willing and able to offer for sale during a certain period of time rises (or falls), the quantity.

Macroeconomics CHAPTER 3 Supply and Demand PowerPoint® Slides by Can Erbil © 2004 Worth Publishers, all rights reserved.

Demand, Supply, and Market Equilibrium 3 McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter 3: Individual Markets: Demand & Supply

Chapter 6 Section 2.  Shortage – firms will raise prices ◦ Quantity supplied will rise; quantity demanded will fall; until both are equal  Surplus –

Elasticity. Elasticity measures how sensitive one variable is to a change in another variable. –Measured in terms of percentage changes, elasticity tells.

Demand and Supply Chapter 3. Demand demand is a schedule that shows the various amounts of a product consumers are WILLING and ABLE to BUY at each specific.

Demand and Supply Krugman Section Modules 5-7. Demand demand is a schedule that shows the various amounts of a product consumers are WILLING and ABLE.

Chapter 6 Combining Supply and Demand. Equilibrium- where the supply and demand curves cross. Equilibrium determines the price and the quantity to be.

Putting Supply & Demand Together

Supply. Quantity Supplied Amount of any good or service that sellers are willing and able to sell Law of Supply: Other things equal (ceteris paribus),

Supply and Demand Curves. Law of Demand and Demand Curve  Law of Demand= Relationship between the quantity demanded and price is inverse. (They move.

Econ 2301 Dr. Jacobson Mr. Stuckey Week 3 Class 3.

Main Definitions Market: –All situations that link potential buyers and potential sellers are markets. Demand: –A demand schedule shows price and quantity.

Supply and Demand.  Voluntary exchange, agreeing on terms  Demand in economics, the different amounts we will purchase at various prices.  Market 

Supply and Demand Curves. Law of Demand and Demand Curve  Law of Demand= Relationship between the quantity demanded and price is inverse. (They move.

Demand Demand is a schedule or curve that shows the various amounts of a product that consumers will buy at each of a series of possible prices during.

THE HAPPY MARKET!! MARKETS A PLACE OR SERVICE THAT ENABLES BUYERS AND SELLERS TO EXCHANGE GOODS, SERVICES AND RESOURCES.

Demand and Supply Chapters 4, 5 and 6. Demand demand is a schedule that shows the various amounts of a product consumers are WILLING and ABLE to BUY at.

Chapter 7 Demand & Supply Demand & Supply. Demand the amount of a good or service that consumers are able and willing to buy at various possible prices.

Additional Lecture Notes 1.Equilibrium 2.Price Floors 3.Price Ceilings 4.Price Elasticity of Demand.

Module Supply and Demand: Supply and Equilibrium KRUGMAN'S MACROECONOMICS for AP* 6 Margaret Ray and David Anderson.

Chapter 6 Supply, Demand and Government Policies

Chapter 5: Market Equilibrium

Lesson Supply and Demand

Demand, Supply, and Market Equilibrium

3 C H A P T E R Individual Markets Demand & Supply.

UNIT ONE: PART II Supply & Demand.

Section 2 Review.

Demand & Supply.

SUPPLY, equilibrium, & Price

Econ Unit One Day 8.

Section 2 Module 7.

EOCT Review Microeconomics.

Demand and Supply.

Determinants of Demand

Chapter 6 Notes The Price System.

Section 2 Review.

Putting Supply and Demand Together

Chapter 7 Supply & Demand

Chapter 3 Demand, Supply, and Market Equilibrium McGraw-Hill/Irwin

Chapter 6 Prices Bring Markets to Balance

A market with a price ceiling

Chapter 3 Supply and Demand © OnlineTexts.com p. 1.

SUPPLY & DEMAND.

Supply and equilibrium

Chapter 3 Supply and Demand © OnlineTexts.com p. 1.

Putting Supply and Demand Together

Individual Markets Demand & Supply

W.A. Franke College of Business - Dr. D. Foster

3 C H A P T E R Individual Markets: Demand & Supply.

Test Review: See what you know!

Chapter 3 Supply and Demand © OnlineTexts.com p. 1.

Chapter 4 and 5 Supply and Demand © OnlineTexts.com p. 1.

Market-Clearing Price Supply and Demand together

Chapter 4 Demand and Supply.

Warm Up Explain the law of supply.

MARKET EQUILIBRIUM.

Presentation transcript:

Chapter 8 Review

Law of Demand When Price Increase Quantity Demanded will Decrease When Price Decreases, Quantity Demanded will Increase Quantity Demanded & Price = Inverse Relationship

Determinants of Demand Price (Movement) Number of Buyers (Shift) Income (Shift) Price of Related Goods (Shift) Expectations (Shift) Tastes/Preferences (Shift)

Elastic Demand A fall in price will greatly affect the amount people are willing to buy These goods usually have substitutes

Inelastic Demand A price change does not result in a substantial change in the Quantity Demanded These goods do not have substitutes Insulin, Fuel, etc.

Law of Supply As the price rises for a good, the quantity supplied also rises As the price falls the quantity supplied will also fall Price and Quantity Supplied have Direct Relationship

Determinants of Supply Price (Movement) Input Prices (Shift) Technology (Shift) Number of Firms (Shift) Expectations (Shift)

Equilibrium S D When Price has reached the level where quantity supplied equals quantity demanded

Shortages S D When Quantity Demanded is greater than quantity supplied Shortage

Surpluses S D Surplus When Quantity Supplied is greater than Quantity Demanded

Price Ceilings Legal Limit on how high a price can be Must be BELOW market equilibrium in order to be effective Price Ceilings will cause a shortage

Price Floors Legal Limit on how low a good can be priced Price Floors must be set ABOVE market equilibrium Price Floors will Cause a Surplus