Textbook Notes (369,133)
Canada (162,403)
Economics (923)
ECN 104 (387)
Eric Kam (21)
Chapter

Market forces of supply and demand.

2 Pages
117 Views

Department
Economics
Course Code
ECN 104
Professor
Eric Kam

This preview shows 80% of the first page. Sign up to view the full 2 pages of the document.
Description
Chapter 4The Market Forces of SupplyDemandWhat is a markety A group of buyers and sellers of a particular GSy The buyers as a group determine the demand while sellers determine the supply for a particular GSWhat is Competitiony Competitive Market A market in which there are many buyers and sellers so that each has a negligible impact on the market place y Perfectly Competitive all the goods are exactly the same y A market must have 2 characteristics 1 the goods offered for sale are all exactly the same and 2 the buyers and sellers are so numerous that no single buyer or seller has any influence over the market price y Buyers and sellers in perfectly competitive markets must accept the price the market determines therefore they are price takersDemandy Quantity Demanded the amount of a good that buyers are willing and able to purchasey Law of Demand the clam that other things equal the quantity demanded of a good falls when the price of the good risesy Demand Schedule a table that shows the relationship between the price of a good and the quantity demandedy Demand Curve a graph of the relationship between the price of a good and the quantity demanded Market vs Individual Demand y Market Demand the sum of all the individual demands for a particular GS y Market demand curve shows how the total quantity demanded of a good varies as the price of the good varieswhile all other factors that affect how much consumers want to buy are held constantShifts in Demand y An increase in the demand of GS shifts the
More Less
Unlock Document

Only 80% of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit