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8_SupplyandDemand.S10 - Supply Demand Analysis KeyQuestions...

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    Supply & Demand Analysis
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Key Questions What is a market and how are prices  established in a market? What is the demand for a food commodity or  product? What is the supply for a food commodity or  product?
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What is a Market? Collection of buyers and sellers that interact,  resulting in the possibility of exchange Center of economic activity where prices are  determined A market refers to a  specific  good being  traded at a  specific  time, and a  specific  place
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Why Do We Need Markets? System for transmitting  information  and  providing incentives  to buyers and sellers  Helps to  determine : What How For whom At what price Where
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Anyone Hungry?
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Our Demand Schedule for _________: Price (Y) Quantity (X) 1 2 3 4 5 6 7 8 9 10 40  32 20 18 14 12 6 3 2 2
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Our Demand Curve for: Price Quantity
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Buyers and Market Demand Buyers   -> demand goods & services
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