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The Allocation Of Resources In Competitive Markets

Content . The determinants of demand for goods and servicesPrice, income and cross elasticity's of demandThe determinants of the supply of goods and servicesPrice elasticity of supplyThe determination of market equilibrium pricesCause of changes in equilibrium priceDemand and supply analysis i

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The Allocation Of Resources In Competitive Markets

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    1. The Allocation Of Resources In Competitive Markets

    2. Content The determinants of demand for goods and services Price, income and cross elasticity's of demand The determinants of the supply of goods and services Price elasticity of supply The determination of market equilibrium prices Cause of changes in equilibrium price Demand and supply analysis in specific markets Interrelationships between markets How markets and prices allocate resources

    3. The determinants of demand for goods and services The demand curve shows the relationship between price and quantity demanded Generally the higher the price of a product the smaller the quantity demanded As price decreases quantity demanded increases Therefore the demand curve has a negative slope

    4. Demand Curve The demand curve shows an inverse relationship between price and quantity demanded If price changes then you would move along the demand curve to calculate any change in quantity demanded

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