Lecture A (WK2)

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

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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 circular flow model
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This note was uploaded on 06/15/2010 for the course EC 142DLB taught by Professor Graceonodipe during the Spring '10 term at Park.

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

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