Governor’s Conference week 2

Governor’s Conference week 2 - Governors Conference 1...

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Governor’s Conference 1 Sarah Bellin Governor’s Conference April 10th, 2017 Professor Bayer Thank you, ladies and gentleman, for attending the Governor’s Conference on Economic Development. The topic of today's discussion will be on some relevant issues about the economy,
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Governor’s Conference 1 and how much the economy has evolved into what we know of economics today. One of a few issue’s that will be covered is the importance of variables that may affect the equilibrium of sup- ply and demand. Some other topics throughout this discussion will include, an introduction of ef- ficient markets, benefits of international trade, and cost of taxation. Why Equilibrium of Supply and Demand is Desirable Supply and Demand are the backbones of the market economy. Demand is the amount of a product or service desired. The amount demanded is what people are willing to buy at a certain price. The relationship between price and the amount demanded is known as the demand rela- tionships. Supply is the amount a market can offer to the economy. The amount that will be sup- plied is all dependent upon certain kinds of product’s, and the price of these products will be de- pendent upon the producer with what they will receive in return for these goods to be supplied. “The buyers as a group determine the demand for the product, and the sellers as a group deter- mine the supply of the product.” Mankiw, N. G. (2015) Equilibrium is regularly subjected to both factors resulting in supply shifts and factors resulting in demand shifts. Once the demand curve starts to slope downwards, it causes the supply curve to start moving parts. They will both cross at a given point on the supply and demand chart. This cross between the two slopes is a
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