8.31.10

8.31.10 - Notes 8/31/10 The Demand Curve - It can move (we...

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Notes 8/31/10 The Demand “Curve” - It can move (we often say “shift”) - Buyers/consuers can move along it - “De gustibus non est disputandum.” You can’t dispute or argue over “taste” We might as well accept the fact that people have different tastes - Do you demand “normal” and “inferior” goods? Lower Prices Mean Greater Quantities Demanded. It’s not just a good idea. It’s thelaw! The Supply “Curve” - It can move (or “shift”). - Sellers/firms can move it along Econ Lingo Distinction - “A change in demand” vs “A change in the quantity demanded” Market Economy Precondition number one for a good market economy is for workers to have autonomy of their own body and work what they work well at… choose what they want to work depending on their interests and comparative advantage. o Slaves do not own their own bodies o Years ago people in China did not have a decision as to where they could work or what they were to be paid after they graduated college. Government decided.
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This note was uploaded on 02/24/2011 for the course ECON 201 taught by Professor Williams during the Spring '08 term at UVA.

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8.31.10 - Notes 8/31/10 The Demand Curve - It can move (we...

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