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ECON 208 - Notes, week of Sep 15

3 Pages

Economics (Arts)
Course Code
ECON 208
Lee Ohanian

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Adrienne Pacini ECON 208 WEEK September 15 2009 DEMAND SUPPLY AND PRICE Demand Quantity DemandedThe amount of a good or service that consumers wish to purchase during some time periodQuantity demanded a desired quantity or purchaseQuantity exchanged refers to actual purchasesRepresents the flow of purchases o The amount purchased or demanded per period of timeThe total amount of some products that consumers wish to buy in a given period is influenced by several different factors listed below Quantity Demanded and PriceThe price of a product and quantity demanded are negatively related o The lower the price the higher the quantity demanded law of demand o As price increases the product becomes an increasingly expensive means of satisfying a desire Demand Schedules and CurvesDemand schedule table showing the relationship between quantity demanded and the price of a commodity other things being equalDemand curve graphical representation of the relationship between quantity demanded and the price of a commodity other things being equalDemand the entire relationship between the quantity of a commodity that buyers wish to purchase and the price of that commodityShifts in the demand curve a change in any of the variables previously held constant will shif
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