SUPPLY AND DEMAND. DEMAND CURVE QUANTITY 0 D D Price Quantity PRICE.

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Presentation transcript:

SUPPLY AND DEMAND

DEMAND CURVE QUANTITY 0 D D Price Quantity PRICE

DEMAND CONCEPTS  Prices as signals  The law of demand Prices Quantity  Other factors & demand Income Tastes and preferences Prices of other goods PRICE QUANTITY

SUPPLY  Supply Curve Quantity Price 0 S S Price Quantity

SUPPLY  Supply Concepts The law of supply  Price Quantity Other factors & supply  Technology  Prices of resources

The Equilibrium or Market Price Quantity Price 0 S S D D Excess Supply Excess Demand Equilibrium

Supply & Demand Schedule for Gasoline Price Supply Demand $ Excess Demand Demand=Supply Excess Supply

Price Quantity D D S S SUPPLY AND DEMAND Excess supply Excess demand Equilibrium

MINIMUM WAGE LAWS # of Workers WAGE D DS S Market Wage Equilibrium # of Workers $7

MINIMUM WAGE LAWS # of Workers WAGE D DS S Market Wage Additional Unemployment $7 $8 Minimum Wage

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