FARE 1300 Lecture Notes - Lecture 13: Aggregate Supply, Aggregate Demand, Economic Equilibrium

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Poor increasingly purchase food from markets: urban poor, non-producer rural poor, non-subsistence rural poor. Most poor farmers sell at least some of their production in markets. Two examples: global food prices, seasonality of food prices and consumption. Markets are where buyers and sellers come together. Actions of buyers and sellers establish: amount supplied and demanded, price at which exchange occurs. Markets work well where: lots of buyers and sellers, good information amongst buyers and sellers, easy for buyers and sellers to enter and leave. How much of a good a person would like to consume at difference prices. Maximum unit amount a person would be willing to pay for different amounts of a good. How much of a good a person would produce at different prices. Minimum unit amount a person would require to produce different amounts of a good. Aggregate demand: amalgam of individual demand curves. Aggregate supply: amalgam of individual supply curves.

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