Topic 2 _ Part 1 - PART I INTRODUCTION TO ECONOMICS Demand,...

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PART I INTRODUCTION TO ECONOMICS 3 Demand, Supply, and Market Equilibrium
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2 of 69 3 PART I INTRODUCTION TO ECONOMICS Demand, Supply, and Market Equilibrium 3.1 - Firms and Households: The Basic Decision-Making Units 3.2 - Input Markets and Output Markets: The Circular Flow 3.3 - Demand in Product/Output Markets 3.3.1 - Changes in Quantity Demanded versus Changes in Demand 3.3.2 - Price and Quantity Demanded: The Law of Demand 3.3.3 - Other Determinants of Household Demand 3.3.4 - Shift of Demand versus Movement Along the Demand Curve 3.3.5 - From Household Demand to Market Demand 3.4 - Supply in Product/Output Markets 3.4.1 - Price and Quantity Supplied: The Law of Supply 3.4.2 - Other Determinants of Supply 3.4.3 - Shift of Supply versus Movement Along the Supply Curve 3.4.4 - From Individual Supply to Market Supply 3.5 - Market Equilibrium 3.5.1 - Excess Demand 3.5.1 - Excess Supply 3.5.1 - Changes in Equilibrium
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3 of 69 3.1 - Firms and Households: The Basic Decision-Making Units 3.2 - Input Markets and Output Markets: The Circular Flow 3.3 - Demand in Product/Output Markets 3.3.1 - Changes in Quantity Demanded versus Changes in Demand 3.3.2 - Price and Quantity Demanded: The Law of Demand 3.3.3 - Other Determinants of Household Demand 3.3.4 - Shift of Demand versus Movement Along the Demand Curve 3.3.5 - From Household Demand to Market Demand 3.4 - Supply in Product/Output Markets 3.4.1 - Price and Quantity Supplied: The Law of Supply 3.4.2 - Other Determinants of Supply 3.4.3 - Shift of Supply versus Movement Along the Supply Curve 3.4.4 - From Individual Supply to Market Supply 3.5 - Market Equilibrium 3.5.1 - Excess Demand 3.5.1 - Excess Supply 3.5.1 - Changes in Equilibrium
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4 of 69 3.1 - Firms and Households: The Basic Decision-Making Units firm An organization that transforms resources (inputs) into products (outputs). Firms are the primary producing units in a market economy. entrepreneur A person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business. households The consuming units in an economy.
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5 of 69 3.1 - Firms and Households: The Basic Decision-Making Units 3.2 - Input Markets and Output Markets: The Circular Flow 3.3 - Demand in Product/Output Markets 3.3.1 - Changes in Quantity Demanded versus Changes in Demand 3.3.2 - Price and Quantity Demanded: The Law of Demand 3.3.3 - Other Determinants of Household Demand 3.3.4 - Shift of Demand versus Movement Along the Demand Curve 3.3.5 - From Household Demand to Market Demand 3.4 - Supply in Product/Output Markets 3.4.1 - Price and Quantity Supplied: The Law of Supply 3.4.2 - Other Determinants of Supply 3.4.3 - Shift of Supply versus Movement Along the Supply Curve 3.4.4 - From Individual Supply to Market Supply 3.5 - Market Equilibrium 3.5.1 - Excess Demand 3.5.1 - Excess Supply 3.5.1 - Changes in Equilibrium
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3.2 - Input Markets and Output Markets: The Circular Flow product or output markets The markets in which
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This note was uploaded on 01/07/2011 for the course ECONOMICS 101 taught by Professor Fernando during the Spring '10 term at Middle East Technical University.

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Topic 2 _ Part 1 - PART I INTRODUCTION TO ECONOMICS Demand,...

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