Economics 1021A/B Chapter Notes - Chapter 3: Uee, Bes, .Co
5 Oct 2015
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ECON 1021A/B Full Course Notes
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What can be traded in a markets: goods (apples, boots), services (haircuts, tennis lessons), resources (computer programmers & earth movers, other manufactured inputs (memory chips & auto parts, money (japanese yen, financial securities (yahoo! stock) Demand curve & demand schedule (d vs. qd) d: demand; p: price; qd: quantity demand: demand: refers to entire relationship between p & qd, quantity demand: refers to a point on demand curve quantity demanded at a particular price, demand curve: shows relationship between qd & p when all other influences on consumers" planned purchases remain the same, willingness & ability to pay: (another way of looking at demand curve) a measure of marginal benefit. Qs: quantity supply: supply: refers to entire relationship between p & qs, quantity demand: refers to a point on supply curve quantity supplied at a particular price, supply curve: shows relationship between qs & p when all other influences on producers" planned sales remain the same, minimum supply price:
