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Economics Study Guide 2

Economics Study Guide 2 - Economics Study Guide#2 Christa...

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Economics Study Guide #2- Chr ista Palazzo Market:  share goods and services- any institution or mechanism where buyers and sellers get together.  Ex. Stock, real estate, super. Demand: Law of Demand: P  QD   P  QD   -Inverse Ceteris Paribus- Latin- Everything stays the same.  P    QD 20   1 18   2 16   3 14   5 12   7 Price   Quality Demand (Movement along D curve) \_ Demanded Curve Price will NEVER cause shift or   D curve Determinants of Demand: 1. Tastes and preferences of consumers 2. Number of consumers in the market \_ advertising, necessity, gov’t 3. Expectations of consumers- future prices 4. Income Normal Goods                                                           Inferior Goods                         Direct relation  Indirect Relation  income and   D normal Income and   D inferior Ex. Bayer Ex. CVS Brand Asprin 5. Prices of related services and goods (Competition) Goods: Substitute                  
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