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Market Forces of Supply and Demand

Market Forces of Supply and Demand. What is a market?. What do we mean by competition? -Competitive Market?. Demand. Individual Demand and Market Demand. What effect will. What effect will these price changes have on demand?. Change in Quantity Demanded.

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Market Forces of Supply and Demand

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  1. Market Forces of Supply and Demand

  2. What is a market?
  3. What do we mean by competition?-Competitive Market?
  4. Demand
  5. Individual Demand and Market Demand
  6. What effect will What effect will these price changes have on demand?
  7. Change in Quantity Demanded
  8. What will these things do to demand?
  9. Demand Curve Shifts
  10. What is meant by elasticity?
  11. Please rank the following from least to most elastic. Beef Salt European vacation Steak Honda Accord Dijon Mustard
  12. Supply Quantity supplied is the amount sellers are willing and able to sell As price goes up more will be supplied (law of supply) Supply schedule is a table showing this relationship Supply curve shows this relationship graphically
  13. Supply Individual supply is the supply of one firm Market supply is the supply of all firms in the market added up
  14. Supply The supply for an item shifts if an outside factor alters the supply at any given price Costs of inputs either rises or falls Technologies can reduce costs Expectations of the price (to put in storage or try to unload now Number of sellers increases or decreases
  15. Supply and demand together When supply and demand meet it is the equilibrium (quantity supplied = quantity demanded
  16. Supply and demand together When the price is to low we have a shortage there is not enough supplied to meet demand
  17. Supply and demand together When the price is to high we have a surplus there is too much supplied to meet demand
  18. Supply and demand together The price of any good will adjust until they are in balance (law of supply and demand) A shift in a curve is a change in quantity over every price level (quantity supplied) A movement along a curve is a simple change in quantity (supply)
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