Doak, Hartsoe, Nowak
Supply and Demand Problems
Illustrate the effect of each situation on the fish market with a supply and demand graph.
For each situation, indicate the effect on equilibrium price and quantity and
Mr. Hartsoe, Mr. Stanley, Mr. Doak
A Commonsense Introduction
To Fiscal Policy
One of the goals of economic policy is to
stabilize the economy. This means trying to
keep employment stable at a high level and
trying to keep prices
(don't have stylus)
LAW OF DEMAND
Quantity Demanded=at a specic point
Demand=the whole line
3 Reasons for Downward Curve:
1) Income Effect
2) The Sub
Five important components of denition:
The market value of
all nal goods and services
within a country
in a given time period.
So, GDP does not (and should not) include:
Durable goods and Non-durable goods
People, rms and nations exchange products for money and use the rnOney to buy other products or
to pay for the use of resources. Within an economy, prices are stated in the domestic currency, such as
US. dollars or European euros.
Inhwa: Well the biggest bust today is the scal cliff. What is the scal cliff? Well, the
scal cliff is . What do you propose we do, Caitlin?
Caitlin: Thank you, Inhwa. First thing rst, we need to extend the tax cuts to
people of income of $250,000 and le