TAILIEUCHUNG - Lecture Business economics - Lecture 3: Market forces of supply and demand - II

Lecture Business economics - Lecture 3: Market forces of supply and demand - II. The following will be discussed in this chapter: Supply curve, market supply vs. individual supply, shifts in supply curve, equilibrium analysis. | Review of the previous Lecture Economists use the model of supply and demand to analyze competitive markets. In a competitive market, there are many buyers and sellers, each of whom has little or no influence on the market price. The demand curve shows how the quantity of a good depends upon the price. According to the law of demand, as the price of a good falls, the quantity demanded rises. Therefore, the demand curve slopes downward. In addition to price, other determinants of how much consumers want to buy include income, the prices of complements and substitutes, tastes, expectations, and the number of buyers. If one of these factors changes, the demand curve shifts. Lecture 3 Market forces of supply and demand - II Instructor: Abbas Course code: ECO 400 Lecture Outline Supply curve Market supply vs. individual supply Shifts in supply curve Equilibrium analysis Supply Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply

• Kinh tế học
• Business economics
• Lecture Business economics
• Business applications of economics
• Open economy
• Competitive markets
• Supply curve
• Economic Models
• Principles of economics
• Economics of agriculture
• Monopolistic competition
• Macroeconomic policy
• Elasticity of demand
• Consumer choice
• Competitive firms
• Imperfect competition
• Gross domestic product
• Financial intermediaries
• Productivity growth
• Natural rate of unemployment
• Labor force
• Money supply