ch03_condensed

ch03_condensed - Micro 101 Chapter 3 1 Chapter 3 Objectives...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Micro 101, Chapter 3 1 Chapter 3 Objectives : 1. Describe characteristics of a “market” 2. Use a D-schedule and D-curve to illustrate “law of demand” 3. distinguish between: ) demand” (shift in D- curve) vs. ) quantity demanded” (movement along D-curve) (recall: ) means ‘change in’) 4. List variables that lead to ) demand 5. Repeat 2-4 for supply 6. Define notion of equilibrium (eq.) 7. Explain how P * and Q * determined in a competitive market ( P * = eq. price, Q * = eq. quantity) 8. Explain what will happen after change in S or D 9. Define “shortage” and “surplus” and explain why it is not a usual result of a change in S or D 10. Learn about “complements” vs. “substitutes” and “normal” goods vs. “inferior” goods
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Micro 101, Chapter 3 2 11. Learn the four Key Steps to answer questions about the economy • define the markets and identify the decision-makers • identify the goals and constraints • identify the equilibrium process • study how policies and events affect the equilibrium Supply and Demand Model Three elements: 1) buyers / consumers / customers 2) sellers / producers / firms 3) marketplace for interactions Q1: How does the market system ___________ to a single household of consumers? Q2: What determines a household's ________________?
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 14

ch03_condensed - Micro 101 Chapter 3 1 Chapter 3 Objectives...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online