chp 5 zupi outline notes (econ).docx - Chapter 5 Supply and Demand Outline Notes I Intro Supply and demand Perhaps $5 if a friend had given her show a

chp 5 zupi outline notes (econ).docx - Chapter 5 Supply and...

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Chapter 5 Supply and Demand Outline Notes I. Intro: Supply and demand Perhaps $5 if a friend had given her show a rave review. 2008, tickets to Carrie Underwood concerts cost around $45 and up. 2006, she performed in more than 150 shows, including holiday shows for U.S. troops in Kuwait and Iraq. It started out at number 2 on Billboard 's chart of the top-selling 200 albums. II. How do Demand and Price Interact - Most people's understanding of demand comes from their own experience as consumers. - You see Some Hearts for sale for $15. - This is a key idea in understanding the relationship between demand and price. Demand: What are we willing and able to buy - quantity demanded: the amount of a good or service that consumers are willing and able to buy at a specific price - demand: the quantity of a good or service that consumers are both willing and able to buy at various prices - Quantity demanded is the amount of a good or service that consumers are willing and able to buy at a specific price. - Demand is the amount of a good or service that consumers are willing and able to buy at all prices in a given period. Using a demand Schedule to determine one consumer’s willingness and ability to buy - demand schedule: a list of the quantities of a good that one person will buy at various prices - demand curve: a graph of the relationship between the price of a good or service and the quantity buyers are willing and able to buy - demand schedule. An individual demand schedule lists the quantities of a good that one person will buy at various prices - A demand curve shows the relationship between price and the quantity that buyers are willing and able to buy.
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