Demand curves, Determinants of Demand and Determinants of supply

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Demand curves, Determinants of Demand and Determinants of supply

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

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Lecture Note
University of Oklahoma
Econ 1123 - Princ. of Econ-Micro

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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.

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