tailieunhanh - Lecture Issues in economics today - Chapter 2

After studying this chapter, you will know: Identify sources and types of law, identify the law that takes precedence when two types of laws conflict, differentiate criminal law from civil law, differentiate schools of jurisprudence, describe the role of precedent (stare decisis), explain major techniques of statutory interpretation. | Supply and Demand CHAPTER 2 Chapter Outline Definitions The Supply and Demand Model All About Demand All About Supply Determinants of Demand Determinants of Supply The Effect of Changes in Price Expectations on the Supply and Demand Model Why the New Equilibrium Definitions Supply and Demand: the name of the most important model in all economics Price: the amount of money that must be paid for a unit of output Market: any mechanism by which buyers and sellers negotiate price Definitions (continued) Consumers: those people in a market who are wanting to exchange money for goods or services Producers: those people in a market who are wanting to exchange goods or services for money Equilibrium Price: the price at which no consumers wish they could have purchased more goods at that price; no producers wish that they could have sold more Equilibrium Quantity: the amount of output exchanged at the equilibrium price Quantity Demanded and Quantity Supplied Quantity demanded: how much . | Supply and Demand CHAPTER 2 Chapter Outline Definitions The Supply and Demand Model All About Demand All About Supply Determinants of Demand Determinants of Supply The Effect of Changes in Price Expectations on the Supply and Demand Model Why the New Equilibrium Definitions Supply and Demand: the name of the most important model in all economics Price: the amount of money that must be paid for a unit of output Market: any mechanism by which buyers and sellers negotiate price Definitions (continued) Consumers: those people in a market who are wanting to exchange money for goods or services Producers: those people in a market who are wanting to exchange goods or services for money Equilibrium Price: the price at which no consumers wish they could have purchased more goods at that price; no producers wish that they could have sold more Equilibrium Quantity: the amount of output exchanged at the equilibrium price Quantity Demanded and Quantity Supplied Quantity demanded: how much consumers are willing and able to buy at a particular price during a particular period of time Quantity supplied: how much firms are willing and able to sell at a particular price during a particular period of time The Scientific Method and Ceteris Paribus Scientists conduct experiments in laboratories. use replication and verification to ensure the accuracy of their conclusions. Social Scientists cannot experiment on their subjects. must use models and look at the effects of individual variables within those models. Economists hold variables constant within models to examine the effect of other variables. use the Latin phrase ceteris paribus which means “holding other things equal” to identify this is the case. Demand and Supply Demand is the relationship between price and quantity demanded, ceteris paribus. Supply is the relationship between price and quantity supplied, ceteris paribus. The Supply and Demand Model The Demand Schedule The Demand Schedule presents, in tabular form, the price

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