January-30 - ECON203Notes 23:32...

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ECON 203 Notes  23:32 Demand, Supply and Market Equilibrium  Critical thinking Monday Endowment: a contribution  Education as a productive activity: you are more informed  Income: people that has a college degree will make more money  (Self-selection – those who thought that college would help them… choose to go to  college.) You have to watch with people do to understand the choices they make.  Markets Interaction between buyers and sellers Markets may be: Local – not going to buy fresh fruit by mail order (buy local things because you need to  be close) National  International  Price is discovered in the interactions of buyers and sellers Demand  Schedule or curve Amount consumers are willing and able to purchase at a given price (how much the  consumers will want to buy)  Other things equal (want the price effect – the relationship is inverse: as the price goes  down we want more; as the price goes up we want less)  Individual demand  Market demand  Law of Demand 
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This note was uploaded on 03/22/2012 for the course ECON 203 taught by Professor Al-sabea during the Spring '05 term at USC.

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January-30 - ECON203Notes 23:32...

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