week3-082 - Markets Markets (institutions and rationing...

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1 Markets • Markets (institutions and rationing mechanisms) • Demand and Supply • Equilibrium Price and Quantity • Changes in Equilibrium The Circular-Flow Diagram Market for Factors of Production Market for Goods and Services Spending Revenue Wages, rent, and profit Income Goods & Services sold Goods & Services bought Labor, land, and capital Inputs for production Households Firms Average monthly price of West Texas Intermediate crude oil, adjusted for inflation using the CPI 0 10 20 30 40 50 60 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006
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2 Oil Consumption million barrels per day 0 10 20 30 40 50 60 70 80 90 1973 1977 1981 1985 1989 1993 1997 2001 2005 World U.S. China Top World Oil Producers and Consumers 1000s of barrels per day Rank Country Production Rank Country Consumption 1 Saudi Arabia 10,719 1 United States 20,588 2 Russia 9,668 2 China 7,274 3 United States 8,367 3 Japan 5,222 4 Iran 4,146 4 Russia 3,103 5 China 3,836 5 Germany 2,630 6 Mexico 3,706 6 India
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week3-082 - Markets Markets (institutions and rationing...

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