PPT-Introduction to Economics: demand, supply, equilibrium

demand supply equilibrium PRESENTATION FOR ECONOMICS HONOURS STUDENTS SEMESTER I CONCEPTS NATURE OF ECONOMICS Traditional economic theory has developed along two concepts 1 Normative and 2 Positive . © Peter . Berck . 2012. Lecture Outline. Goods. People Demand Goods; . Shift in demand. Firms . Supply Goods; . Keep Supply and Demand Separate. Demand and Supply intersect at the equilibrium price and . 1. 2. What is a Market?. Market. is a mechanism through which buyers and sellers (individuals, firms, agents or dealers) of a good (or service) interact to determine price and quantity of a product. . Chapter 4. Outline. Equilibrium and the Adjustment Process. A Free Market Maximizes Producer . Plus Consumer . Surplus (the Gains from . Trade. ). Does the Model Work? Evidence . from the . Laboratory. Social Issues and Economic Thinking. Wendy A. Stock. PowerPoint Prepared by . Z. Pan. Chapter 3. demand and supply. Copyright © 2013 John Wiley & Sons, Inc. . / Photo Credit:. © Sean Locke/. iStockphoto. 4. Last chapter illustrated scarcity, using the PPF. Societies need a mechanism to allocate scarce resources.. Markets are the most popular mechanism that allocates scarce resources. . Most of the . Introduction to Demand. In the United States, the forces of supply and demand work together to set prices. . Demand. is the desire, willingness, and ability to buy a good or service.. one individual consumer OR. The Basic Decision-Making Units. A . firm. is an organization that transforms resources (inputs) into products (outputs). Firms are the primary producing units in a market economy.. An . entrepreneur. Where Prices Come From: The Interaction of Demand and Supply. 1. Ch. 2 Class Quiz. What is Cinder’s opportunity cost/day for producing a bird?. 4 Mice/day. . /. . 2 Birds/day = . 2 mice. What is Flounder’s . 1. 4 Demand, Supply, and Equilibrium. 4.1 Markets. 4.2 How Do Buyers Behave?. 4.3 How Do Sellers Behave?. 4.4 Supply and Demand in Equilibrium. 4.5 What Would Happen if the Government Tried to Dictate the Price of Gasoline. . by Wiley Miller. . . MARKETS. Institution that brings together . buyers (DEMAND) . and sellers (SUPPLY) of resources, goods and services. DEMAND is. Amount of a good or service consumers are . Reasons for Changes in Demand. Assume that Demand Curve B represents the baseline (original) annual consumption of U.S.-made cars.. For each of the following scenarios, decide: . Will this event cause a shift in the demand curve?. John Rundle . Econophysics. PHYS 250. https://. en.wikipedia.org. /wiki/Economics. Introduction. Economics. is the social science that studies the production, distribution, and consumption of goods and services.. What are they Meder?. The three questions are?. Does the event (headline ) affect Demand, Supply, or Both?. Does the event (headline . ) shift the graph to the right (increase) or Left (decrease)?. What are the new equilibrium price and quantity? (P2 & Q2). Demand and Supply. Teacher: Mr Moosajee. Twitter: @BusEconYMO_HGS (The Mr Moosajee). Why study Economics?. If you ever wonder:. How are the world’s scarce resources allocated, and why?. What factors determine prices and why do they always seem to...