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Lecture

Demand and Supply.docx

5 Pages
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Department
Economics
Course Code
ECON101
Professor
Yasser Fahmy

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Description
Economists in Ottawa serve as advisers in the policymaking processat Human Resources and Skills Development Canada Analyze data on workers and unemployed to help formulate labourmarket policies at the Canadian International Development Agency give advice on overseas development projects at Statistics Canada analyze financial Why Economists disagree They may disagree about the validity of alternative positive theories about how the world worksThey may have different values and therefore different normative views about what policy should try to accomplish Chap4 The Market Forces of Supply and Demand Market and Competition Supply and demand are the two words that economists use most oftenSupply and demand are the forces that make market economies work Modern microeconomics is about supply demand and market equilibriumA market is a group of buyers and sellers of a particular good or serviceThe terms supply and demand refer to the behavior of people as they interact with one another in markets Buyers determine demand Sellers determine supplyMarket Demand versus Individual Demand Market demand refers to the sum of all individual demands for a particular good or service Graphically individual demand curves are summed horizontally to obtain the market demand curve Shifts in the Demand Curve Change in Quantity Demanded Movement along the demand curve Caused by a change in the price of the product
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