Review Sheet - Exam 2

Review Sheet - Exam 2 - Economics 105 Exam #2 Review...

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Economics 105 Exam #2 Review Chapter 3 Demand – A schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period. Demand curve – A curved graphical illustration of demand. Individual demand – the schedule or curve of a single buyer. Market demand – (total demand) the schedule or curve of all buyers of a good or service. Determinants of Demand – consumer tastes, number of buyers, income, price of related goods, expectations of buyers Change in demand vs. change in quantity demanded - Supply – A schedule showing the amounts of a good or services that sellers will offer at various prices during some period. Supply curve - A curved graphical illustration of supply. Change in supply vs. change in quantity supplied Determinants of supply - Resource prices, technology, taxes and subsidies (lose and gain), price of other goods, producer expectations, number of sellers in market Process to come to equilibrium Equilibrium - the point in time when the price and demand are equal. Equilibrium price
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This note was uploaded on 04/02/2008 for the course ECON 105 taught by Professor Binder,m. during the Spring '08 term at New Mexico.

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Review Sheet - Exam 2 - Economics 105 Exam #2 Review...

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