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  • Supply and Demand

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    shorechick3727
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    The document discusses the economic concept of demand, defining the law of demand and how the quantity demanded of a good changes in response to price changes when all other factors are held constant. It also defines non-price determinants of demand, such as consumer tastes, number of buyers, income, and prices of related goods, that can cause a shift in the demand curve. The document then briefly discusses the concept of supply.

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    The document discusses the economic concept of demand, defining the law of demand and how the quantity demanded of a good changes in response to price changes when all other factors are held constant. It also defines non-price determinants of demand, such as consumer tastes, number of buyers, income, and prices of related goods, that can cause a shift in the demand curve. The document then briefly discusses the concept of supply.

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    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    Download as pptx, pdf, or txt
    16 views12 pages

    Supply and Demand

    Uploaded by

    shorechick3727
    The document discusses the economic concept of demand, defining the law of demand and how the quantity demanded of a good changes in response to price changes when all other factors are held constant. It also defines non-price determinants of demand, such as consumer tastes, number of buyers, income, and prices of related goods, that can cause a shift in the demand curve. The document then briefly discusses the concept of supply.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 12

    The relationship between the price of a good and the desired rate of purchase, ceteris paribus.

    All things Demand

    Ceteris Parabis????
    Latin for, with all other things equal. So, for now, how many units can/will people buy at different prices
    NOT just wants!

    Definitions
    Law of Demand

    Income Effect
    Substitution Effect

    Change in Quantity Demanded


    A movement along a given demand curve

    Non-Price Determinants of Demand


    1. 2. 3. 4. 5. Consumer Tastes/Preferences Number of Buyers Income Prices of Related Goods Expectations

    Change in Demand
    Increase or Decrease in quantity of a good consumers wish to purchase at ANY AND ALL PRICES. Caused by SOMETHING OTHER than the price of a good.

    DO NOT CONFUSE with change in quantity demanded!!

    Change in Demand

    All Things Supply


    The relationship between price of a good and desired rate of selling, ceteris parabis

    Change in Quantity Supplied

    Non Price Determinants of Supply


    1. 2. 3. 4. Input prices Business taxes and subsidies Technology Other factors

    Change in Supply

    Thats It for Supply and Demand!


    Up next, they team up to create equilibrium.

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