week_3 - SCHOOL OF SLAVONIC AND EAST EUROPEAN STUDIES...

Info iconThis preview shows pages 1–13. Sign up to view the full content.

View Full Document Right Arrow Icon
S CHOOL OF S LAVONIC AND E AST E UROPEAN S TUDIES SESS1001 : Introduction to Economics Week 3 Dr. Eugene Nivorozhkin
Background image of page 1

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

View Full DocumentRight Arrow Icon
Supply and Demand Competitive market The supply and demand model The demand curve The supply curve Factors that cause the demand curve to shift, and factors that cause the supply curve to shift The equilibrium price How the equilibrium price changes when the supply and demand curves shift 2
Background image of page 2
The Law of Demand Higher price for a good, other things equal, leads people to demand a smaller quantity of the good. 3
Background image of page 3

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

View Full DocumentRight Arrow Icon
An Increase in Demand 4
Background image of page 4
Movement Along the Demand Curve versus Shift of the Demand Curve 5
Background image of page 5

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

View Full DocumentRight Arrow Icon
Shifts of the Demand Curve 6
Background image of page 6
What Causes a Demand Curve to Shift? Changes in the Prices of Related Goods Substitutes Complements Changes in Income Normal Goods Inferior Goods Changes in Tastes Changes in Expectations 7
Background image of page 7

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

View Full DocumentRight Arrow Icon
The Supply Curve 8
Background image of page 8
A Decrease in Supply 9
Background image of page 9

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

View Full DocumentRight Arrow Icon
Movement Along the Supply Curve versus Shift of the Supply Curve 10
Background image of page 10
Shifts of the Supply Curve 11
Background image of page 11

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

View Full DocumentRight Arrow Icon
What Causes a Supply Curve to Shift? Changes in Input Prices
Background image of page 12
Image of page 13
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 36

week_3 - SCHOOL OF SLAVONIC AND EAST EUROPEAN STUDIES...

This preview shows document pages 1 - 13. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online