CBA 110 Chapter Notes - Chapter 3: Complementary Good, Frictional Unemployment, Business Cycle

• School: Rider University
• Department: College of Business
• Course: CBA 110
• Professor: All

Document Summary

Analysis of the choices people and government make in allocating resources. Amount of goods and services for sale at different prices. Willingness and ability of consumers to purchase goods and services at different prices. Shows the amount of a product buyers will purchase at different prices. Competition, price, larger economic events, consumer preferences. Ie less gas sold b/c of smaller more efficient cars. If consumers have more money they"re going to spend more money. If you can get a similar product cheaper not going to buy more expensive product. Price of complementary goods effects number of units sold. Ex xbox + game controllers + games. Shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand. Affected by the 4 factors of production. Buyers and sellers make choices that restore the equilibrium price. How a country uses its factors of production. Economies classified in one of 3 categories.