Demand curves, Determinants of Demand and Determinants of supply (3 pages)

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Demand curves, Determinants of Demand and Determinants of supply



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Demand curves, Determinants of Demand and Determinants of supply

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Lecture 3 introduces the demand curve and how it works as well as introducing determinants of supply.


Lecture number:
3
Pages:
3
Type:
Lecture Note
School:
The University of Oklahoma
Course:
Econ 1123 - Princ. of Econ-Micro
Edition:
1

Unformatted text preview:

ECON 1123 1st Edition Lecture 3 Outline of Last Lecture I Marginal Benefit II Scarcity III Law of Demand IV Determinants of Demand A Expectations of Prices B Preferences Tastes C Income D Price of Compliments and substitutes E Expectant income Outline Current Lecture V The Circular Flow of Income A Resource Markets B Output Markets VI Price Determination in Competitive Markets A Demand B Supply VII Demand Determinants of Demand Review but with some new things added VIII Demand Curves IX Determinants of Supply A Price of the output or resource B Prices of the resources used to produce the output C Technology D Number of Sellers E Sellers expectation about future prices Current Lecture X The Circular Flow of Income C Resource Markets These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute D Output Markets XI Price Determination in Competitive Markets C Demand Defined Determinants Graphically D Supply Defined Determinants Graphically XII Demand Determinants of Demand Review but with some new things added Demand The quantities of an output or resource that people are willing and able to buy during some period of time Flow variable variable measured over time period Determinants of Demand Note These are not ALL of the things that could influence demand but they are the most IMPORTANT Price of the output resource how much it the resource costs is going to help you decide how much to buy Buyer s Incomes Tastes Psychological and or cultural and biological and or other reasons for buying This could be determined by season holidays anything that makes a certain product sell more or less Buyer s expectations about future prices and or future incomes If you think prices will be going up in the future you will be more likely to buy and vice versa Number of Buyers Prices of Related outputs or related resources Compliments outputs or resources that are generally used together



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