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SG4microF11 - PRINCIPLES OF MACROECONOMICS Study Guide for...

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PRINCIPLES OF MACROECONOMICS Study Guide for Chapter Four September 12, 2011 Definitions: Be able to recognize the definition of terms identified in lecture. Illustrations: UNDERSTAND WHAT YOU ARE ILLUSTRATING!!! 1. Supply and Demand Demand factors: a. Price of a substitute i. Increase ii. Decrease b. Price of a complement i. Increase ii. Decrease c. Income increases i. Normal good ii. Inferior good d. Income decreases i. Normal good ii. Inferior good e. Number of buyers or size of the market i. Increase ii. Decrease f. Tastes and preferences i. Increase ii. Decrease g. Expectations i. Increase ii. Decrease Supply factors: j. Price of a factor of production (labor, land, capital) i. Increase ii. Decrease k. Number of sellers i. Increase ii. Decrease m. Price of a substitute in production i. Increase ii. Decrease n. Technology improves Given any one demand factor (for example, e.i. or g.ii) and/or any one supply factor (for example, m or j.ii.) how will equilibrium price and/or quantity change.
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