Lecture 6

Lecture 6 - January 26, 2009 Chapter 4: Supply, Demand,...

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January 26, 2009 Market – any arrangement that bring buyers and sellers together. Basically people who get together to trade stuff A market might be a physical place or a group of buyers & sellers spread around the world who never meet. Three types of markets: Factors of production (capital, labor market like career.com) Financial products (like stock market) In our recession, the financial market is falling apart because the assets banks’ own are tied to a dying housing industry Competitive markets – so many buyers & sellers that no single individual buy or seller can influence the price Components of Every Market: demand, supply, & equilibrium Tutoring Example: buyers are negative slope (demand) and sellers are positive slope (supply) the two intersect at 500 so demand meets supply at $500. What’s the difference between quantity demanded and demand? Explain. What’s the difference between quantity supplied and supply? Explain.
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This note was uploaded on 09/29/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.

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Lecture 6 - January 26, 2009 Chapter 4: Supply, Demand,...

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