ECON101 Lecture Notes - Demand Curve, Microeconomics, Normal Good

• School: University of Alberta
• Department: Economics
• Course: ECON101
• Professor: Yasser Fahmy

Document Summary

Economists in ottawa serve as advisers in the policymaking process. Analyze data on workers and unemployed to help formulate labour-market policies. At the canadian international development agency, give advice on overseas development projects. They may disagree about the validity of alternative positive theories about how the world works. They may have different values and, therefore, different normative views about what policy should try to accomplish. Chap4: the market forces of supply and demand. Supply and demand are the two words that economists use most often. Supply and demand are the forces that make market economies work. Modern microeconomics is about supply, demand and market equilibrium. A market is a group of buyers and sellers of a particular good or service. The terms supply and demand refer to the behavior of people as they interact with one another in markets. Market demand refers to the sum of all individual demands for a particular good or service.