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Economics Review, pt. 2

Economics Review, pt. 2. Fall 2008. Production Possibilities Curve. Efficient. Unattainable. Product 1. Inefficient. Product 2. Circular Flow Model. Goods & Services Market. Revenue. Spending. Provides Goods & Services. Purchase Goods & Services. Firms. Households.

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Economics Review, pt. 2

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  1. Economics Review, pt. 2 Fall 2008

  2. Production Possibilities Curve Efficient Unattainable Product 1 Inefficient Product 2

  3. Circular Flow Model Goods & Services Market Revenue Spending Provides Goods & Services Purchase Goods & Services Firms Households Hire Resources Supply Resources LLCE Income Wages Factors Market

  4. Demand Curve P D Q

  5. P D D D D 1 1 0 0 P P 0 1 P 0 Q Q Q Q Q 0 0 1 1 Change in Quantity Demanded- Price Effects - Increase Decrease P Q Q P 1 Q Q Q

  6. P D D D D 0 0 1 1 P P 0 0 Q Q Q Q Q 0 0 1 1 Change in Demand- Non-Price Effects - Increase Decrease P Q

  7. Supply Curve P S Q

  8. S S S S 1 1 0 0 Q Q P P 1 0 Q Q P 0 Q Q Q Q 0 0 1 1 Change in Quantity Supplied- Price Effects - Increase Decrease P P P 1 Q Q

  9. S S S S 0 0 1 1 P P 0 0 Q Q Q Q 0 0 1 1 Change in Supply- Non-Price Effects - Increase Decrease P P Q Q

  10. P e Q Q Q Q Q d d e s s Market Equilibrium P Surplus S > > D Shortage Q

  11. D D 1 1 P P P P e e e e Q Q Q Q e e e e Change in Demandfrom Market Equilibrium Increase Decrease P P S S D D Q Q

  12. S S 1 1 P P P P e e e e Q Q Q Q e e e e Change in Supplyfrom Market Equilibrium Increase Decrease P P S S D D Q Q

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