BUSN-201 Lecture 1: math1
25 Mar 2016
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Chapter 4 the market forces of supply and demand. Supply and demand are the two words that economists use most oten. Supply and demand are the forces that make market economies work. They determine the quanity of each good produced and the price at which it is sold. If you want to know how any event or policy will afect the economy, you must think irst about how it will afect supply and demand. The terms supply and demand refer to the behaviour of people as they interact with one another in compeiive markets. Before discussing how buyers and sellers behave, let"s irst consider more fully what we mean by a market and compeiion. What is a market: market: a group of buyers and sellers of a paricular good or service.
