'Good increases' diaporamas de présentation

C H A P T E R C H E C K L I S T

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Scarcity, Opportunity Costs, and the Production Possibilities Curve

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Demand, Supply, and Market Equilibrium

3. Teach a parrot the terms " supply and demand " and you've got an economist. Thomas Carlyle. Demand, Supply, and Market Equilibrium. Chapter Objectives. Demand Defined and What Affects It Supply Defined and What Affects It How Supply & Demand Together Determine Market Equilibrium

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C H A P T E R C H E C K L I S T

1. 2. 3. 4. C H A P T E R C H E C K L I S T. When you have completed your study of this chapter, you will be able to. Use the production possibilities frontier to illustrate the economic problem. Calculate opportunity cost. Define efficiency and describe an efficient use of resources.

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This is a PowerPoint presentation on the fundamentals

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The law of demand states that: as the price of a good increases, more units are demanded.

#1. The law of demand states that: as the price of a good increases, more units are demanded. there is a direct relationship between the price of a good and the quantity of the good produced. there is a negative relationship between the price of a good and the quantity of the good demanded.

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CHAPTER

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Maximizing Utility

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Worker Utility

Worker Utility. Example: Suppose worker utility is given by The more C and L the happier is the worker. Worker Utility. Example: Suppose worker utility is given by Holding C constant, the more L goes up the happier the worker is. Diminishing Marginal Utility.

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REMEMBER

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ECON107 Principles of Microeconomics Week 10 NOVEMB ER 2013

Chapter-8. ECON107 Principles of Microeconomics Week 10 NOVEMB ER 2013. 8. Utility and Demand. Lesson Objectives. Given a particular budget, how does a consumer decide what goods and services to buy ? Why does the typical consumer buy more of a product when its price falls ?.

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Change in D vs. Change in Q d

Change in D vs. Change in Q d. Change in Quantity Demanded - a change in the desire or means to purchase the good, thus there is a change in quantity demanded at EVERY price. (Price Effect) Change in Demand - a shift of the demand curve. Change in D vs. Change in Q d. Changes in Demand

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Supply and Demand

Supply and Demand. Market. A place or service that allows buyers and sellers to exchange goods and services. Demand. The quantity of a good or service that consumers are willing and able to buy at a given price during a specific period of time. Law of Demand.

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