Lecture A (WK2) - Lecture A(WK2 Welcome Back This week well...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Lecture A (WK2) Welcome Back! This week we’ll be considering how markets operate as well as an introduction to demand and supply concepts. Key to this are the concept of equilibrium and the effects of changes in demand and supply on equilibrium price and quantity . W e’ll be considering details about both the private sector (households and businesses) and the public sector (government) in our market economy. The goal is to understand households, businesses, and governmental units as the primary decision makers in our economy. The circular flow diagram will be expanded to show how the public sector interacts with two parts of the private sectorTo begin, please read: Chapter 3: Demand, Supply, and Market Equilibrium Chapter 4: Demand and Supply Applications Do you like to see a roadmap before you begin a trip? If so, the following is a no-frills, black and white, text only, outline of the major points for this week. You will find one each week in our Lecture Hall. Print yourself a copy and it can help to keep the points in perspective as we proceed. Chapter Three Lecture Outline Chapter Four Lecture Outline Chapter 3 – Individual Markets: Demand and Supply Recall from last week that a Market brings together buyers (demanders) and sellers (suppliers) of goods, services, or resources. Our study of the
Image of page 1

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

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern