Lecture 3
Chapter 2
Chapter 5 Section 3 What factors affect supply?
Basics of Supply and Demand Market Mechanism. Introduction What are supply and demand? How does a market mechanism work? What are the effects of changes.
SUPPLY Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply The law of supply states that, other things equal,
Lecture 3 Supply and Demand. Theory of Supply A thought experiment with the following assumptions: – All apartments are identical – Each apartment has.
FINAL EXAM Test Review HAVE FUN!. Units Covered 1) Intro to Econ 2) Supply & Demand 3) Business & Market Structures 4) Government: Fiscal/Monetary Policy.
SUPPLY AND DEMAND: HOW MARKETS WORK. A market is a group of buyers and sellers of a particular good or service. MARKETS AND COMPETITION.
CASE STUDY Two ways to reduce the quantity of smoking demanded: -- Public service announcements, mandatory health warnings on cigarette packages, and the.
Supply Analysis
