It may seem like this class is basically just a bunch of definitions that you have to memorize, but it is better to think of them as rules to the game of economics. Think about how your favorite sport would look if none of the players understood the rules. LeBron James punting a basketball at the basket, Wayne Rooney throwing soccer balls at the goal, or Garrett Gilbert getting into a SUV and driving the football into the end zone. Knowing the rules of the game are crucial if you want to succeed in playing the game. Now, onto the rules. First, we need definitions of quantity demanded, quantity supplied, The Law of Demand, The Law of Supply and Ceteris Paribus(Chapter 1). The most important thing you should be able to do for this section of the class is to list the determinants of Demand and Supply and also explain each one is a sentence or two and give an example from the Real World. Taken as a whole, this is a lot to memorize, but if you take the time to truly understand each determinant, it becomes much easier to remember. Demand
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This note was uploaded on 10/04/2011 for the course ECO 304K taught by Professor Hickenbottom during the Fall '10 term at University of Texas at Austin.