ENT 213 Lecture Notes - Lecture 5: Demand Curve, Substitute Good, Fudge

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ENT 213: Economics for Entrepreneurs Willie Kelly
Spring 2017
1
Chapter 4 Part 1: Supply and Demand
Ceteris Peribus
Holding all outside influences constant to examine the relationship between
specific variables
Markets
Arrangement that brings buyers and sellers together
Might be a physical place or a group of buyers and sellers spread around the
world who never meet (Internet, telemarketing, etc)
Perfectly Competitive Market
Has many buyers and sellers no individual buy or seller can influence price
Products are perfect substitutes
Quantity Demanded (QD)
The amount of a good, service that people are willing and able to buy during a
given time frame
Example: The amount per day/month/year
The Law of Demand (D)
Other things remaining the same:
If the price of the good rises, the Quantity Demanded (QD) decreases
If the price of the good falls, the Quantity Demanded (QD) increases
Demand Schedule and Demand Curve
Demand (D)
Relationship between the QD and Price (P) = when all other influences on
buying remain the same (Ceteris Peribus)
Demand Schedule
Shows list of QD at each P when all other influences on buying remain the
same
Demand Curve
Shows relationship between QD and P when all other influences on buying
remain the same
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