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Competitive markets, supply graphing, changes in supply and demand (3 pages)

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Competitive markets, supply graphing, changes in supply and demand

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Mr. Clark talked about how to graph a supply schedule, Competitive Markets and how they work, factors that increase demand and Relationships between individual demand and market demand.


Lecture number:
4
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 4 Outline From Previous Lecture I The Circular Flow of Income A. Resource Markets B. Output Markets II Price Determination in Competitive Markets A. Demand B. Supply III Demand/ Determinants of Demand (Review but with some new things added) IV Demand Curves V 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 Outline Lecture 4 I. Supply: A Graphical View II. Demand, Supply and Price Determination in Competitive Markets III. Changes in Demand and Supply A. Increases in buyer’s incomes B. Stronger Buyer’s tastes C. Buyer’s expect higher future prices and/or higher future incomes D. More buyers in the market E. Higher prices for substitutes 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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