This document provides an outline and overview of key concepts related to demand, supply, and market equilibrium from macroeconomics. It defines important terms like firms, households, markets, demand curves, supply curves, and equilibrium. It explains the relationship between price and quantity demanded/supplied, and how shifts in demand or supply curves can occur due to changes in factors like income, prices of related goods, and production costs. The document also illustrates these concepts through diagrams and examples.
This document provides an overview of demand, supply, and market equilibrium. It defines key economic concepts such as households, firms, demand curves, determinants of demand, the law of demand, and how equilibrium price and quantity are determined through the interaction of supply and demand in a market. It also outlines the factors that influence supply and how shifts in supply or demand curves impact the market equilibrium.
This document provides an outline and overview of key concepts related to demand, supply, and market equilibrium. It begins with definitions of firms, households, and the basic decision-making units. It then explains the circular flow between households and firms through input and output markets. The document outlines the determinants of demand, defining concepts like quantity demanded, demand schedules and curves. It also discusses the law of demand and how shifts in demand differ from movements along a demand curve. Similar concepts are then covered for the supply side including the law of supply. The document concludes by explaining how market equilibrium is reached through the interaction of demand and supply.
The document discusses demand and supply. It defines demand and supply, introduces the laws of demand and supply, and explains how demand and supply curves illustrate the relationship between price and quantity. It also describes factors that cause shifts in demand and supply curves, such as changes in income, prices of related goods, technology, and number of suppliers. These shifts result in new market equilibrium prices and quantities.
If both supply and demand increase simultaneously:
- The equilibrium quantity will unambiguously increase, as both curves shifting outward pushes the equilibrium point to a higher quantity.
- The effect on the equilibrium price is ambiguous and depends on the relative magnitudes of the supply and demand shifts. If demand increases more than supply, price will rise. If supply increases more than demand, price will fall. But if the shifts are equal in magnitude, price will remain the same.
The key point is that while a change in equilibrium quantity is assured in this scenario, the direction of change in price cannot be determined without knowing more details about the specific supply and demand shifts.
This document provides an overview of key concepts related to demand and supply in microeconomics. It discusses the demand side including demand schedules and curves, the law of demand, and factors that shift demand. It then covers the supply side including supply schedules and curves, the law of supply, and factors that shift supply. It introduces the concept of market equilibrium where demand and supply are equal. Finally, it provides examples and practice problems to illustrate these concepts.
The document discusses the laws of supply and demand. It defines demand as how much of a product people are willing to buy at a given price, and supply as how much of a product producers are willing to provide at a given price. The key points are:
1) According to the law of demand, the higher the price of a good, the lower the quantity demanded. The law of supply states the opposite - that the higher the price, the higher the quantity supplied.
2) Equilibrium occurs when supply and demand are equal, meaning the quantity supplied meets the quantity demanded at the current price. Disequilibrium results in either excess supply or excess demand.
3) The interaction between supply and
This document provides a summary of key concepts related to demand, supply, and market equilibrium. It discusses firms and households as decision makers, and how they interact in input and output markets through the circular flow. It then explains the laws of demand and supply, how quantity demanded and supplied change with price, and how demand and supply curves are derived from individual decisions in the market. Other determinants of demand and supply are also outlined.
This document discusses basic economic concepts related to demand, supply, and market equilibrium. It defines key terms including firms, households, entrepreneurs, factors of production, and the circular flow of inputs and outputs. It explains the laws of demand and supply, how demand and supply curves illustrate the relationship between price and quantity, and how equilibrium is reached when quantity demanded equals quantity supplied. Determinants of demand and supply are also outlined.
This document provides an overview of demand, supply, and market equilibrium. It defines key economic concepts such as households, firms, demand curves, determinants of demand, the law of demand, and how equilibrium price and quantity are determined through the interaction of supply and demand in a market. It also outlines the factors that influence supply and how shifts in supply or demand curves impact the market equilibrium.
This document provides an outline and overview of key concepts related to demand, supply, and market equilibrium. It begins with definitions of firms, households, and the basic decision-making units. It then explains the circular flow between households and firms through input and output markets. The document outlines the determinants of demand, defining concepts like quantity demanded, demand schedules and curves. It also discusses the law of demand and how shifts in demand differ from movements along a demand curve. Similar concepts are then covered for the supply side including the law of supply. The document concludes by explaining how market equilibrium is reached through the interaction of demand and supply.
The document discusses demand and supply. It defines demand and supply, introduces the laws of demand and supply, and explains how demand and supply curves illustrate the relationship between price and quantity. It also describes factors that cause shifts in demand and supply curves, such as changes in income, prices of related goods, technology, and number of suppliers. These shifts result in new market equilibrium prices and quantities.
If both supply and demand increase simultaneously:
- The equilibrium quantity will unambiguously increase, as both curves shifting outward pushes the equilibrium point to a higher quantity.
- The effect on the equilibrium price is ambiguous and depends on the relative magnitudes of the supply and demand shifts. If demand increases more than supply, price will rise. If supply increases more than demand, price will fall. But if the shifts are equal in magnitude, price will remain the same.
The key point is that while a change in equilibrium quantity is assured in this scenario, the direction of change in price cannot be determined without knowing more details about the specific supply and demand shifts.
This document provides an overview of key concepts related to demand and supply in microeconomics. It discusses the demand side including demand schedules and curves, the law of demand, and factors that shift demand. It then covers the supply side including supply schedules and curves, the law of supply, and factors that shift supply. It introduces the concept of market equilibrium where demand and supply are equal. Finally, it provides examples and practice problems to illustrate these concepts.
The document discusses the laws of supply and demand. It defines demand as how much of a product people are willing to buy at a given price, and supply as how much of a product producers are willing to provide at a given price. The key points are:
1) According to the law of demand, the higher the price of a good, the lower the quantity demanded. The law of supply states the opposite - that the higher the price, the higher the quantity supplied.
2) Equilibrium occurs when supply and demand are equal, meaning the quantity supplied meets the quantity demanded at the current price. Disequilibrium results in either excess supply or excess demand.
3) The interaction between supply and
This document provides a summary of key concepts related to demand, supply, and market equilibrium. It discusses firms and households as decision makers, and how they interact in input and output markets through the circular flow. It then explains the laws of demand and supply, how quantity demanded and supplied change with price, and how demand and supply curves are derived from individual decisions in the market. Other determinants of demand and supply are also outlined.
This document discusses basic economic concepts related to demand, supply, and market equilibrium. It defines key terms including firms, households, entrepreneurs, factors of production, and the circular flow of inputs and outputs. It explains the laws of demand and supply, how demand and supply curves illustrate the relationship between price and quantity, and how equilibrium is reached when quantity demanded equals quantity supplied. Determinants of demand and supply are also outlined.
Firms produce goods and services, which are sold in output markets to households. Households supply resources like labor in input markets to firms. Market equilibrium exists where quantity supplied equals quantity demanded, resulting in no incentive for prices to change. A change in demand or supply can shift the curves, impacting equilibrium price and quantity. Higher demand increases price and quantity while higher supply decreases price but increases quantity at the new equilibrium.
Macroeconomics Basic Elements Of Supply & Demand Chap3Ashar Azam
1) Firms produce goods and services and households consume them in a circular flow of economic activity. Goods and services are exchanged in output markets while inputs like labor, capital and land are exchanged in input markets.
2) The quantity demanded by households depends on price, income, wealth, tastes and expectations. The quantity supplied by firms depends on price and costs of inputs.
3) Market equilibrium is reached where quantity demanded equals quantity supplied. Changes in demand or supply can shift this equilibrium point to a new price and quantity.
This document provides a summary of key concepts in economics, including:
1) Firms produce goods and services while households consume them in the circular flow of economic activity.
2) Demand and supply determine market equilibrium price and quantity through interactions in product and input markets.
3) Consumer demand is influenced by price, income, wealth, tastes and expectations, while firm supply depends on price and costs.
4) Utility maximization theory explains that rational consumers seek to maximize satisfaction within their budget constraints.
This document provides a summary of key concepts in economics, including:
1) Firms produce goods and services while households consume them in the circular flow of economic activity.
2) Demand and supply determine market equilibrium price and quantity through interactions in product and input markets.
3) Consumer demand is influenced by price, income, wealth, tastes and expectations, while firm supply depends on price and costs.
4) Utility maximization theory explains that rational consumers seek to maximize satisfaction subject to their budget constraint.
The document discusses how an increase in demand for housing in North Dakota due to a boom in the oil industry led to sharply higher housing prices. Between 2009 and 2012, mining employment in the state increased by about 11,000 jobs and total employment increased by over 40,000 jobs. With limited options to quickly increase the housing stock, the rising demand for housing caused prices to dramatically increase. For example, the rent for a two-bedroom apartment in the town of Williston increased from $350 per month to $2,000.
This document provides an overview and outline of key concepts from a principles of economics textbook. It includes definitions of terms like perfect competition, homogeneous products, and perfect knowledge. It also outlines the chapters, including topics like household behavior and consumer choice, and how households make decisions in output and input markets. Diagrams and tables are included to illustrate concepts like the budget constraint, utility, and how households allocate income to maximize utility based on the principle of diminishing marginal utility.
Supply and Demand IssuesSupply and demand are the starti.docxmattinsonjanel
Supply and Demand Issues
Supply and demand are the starting point of all economic analysis
The essence of choice is being able to balance the two
Touro University International
S U P P L Y
The different quantities that a producer or producers will make available to the market at different prices over a given period of time.
Touro University International
LAW OF SUPPLY
As price increases, producers are willing to produce and sell more
As price decreases, producers are willing to produce and sell less
Price and Quantity Supplied are directly related
Touro University International
Supply Table
Price Quantity
$4.00 1500
$5.00 1800
$6.00 2000
$7.00 2500
$8.00 3000
Widgets Per Week
Touro University International
Supply Graph
Touro University International
�
Producer Costs
Fixed Costs:
Costs that don't change as production levels change Ex: Rent, Insurance, Loan Payments, Taxes
Variable Costs:
Costs that increase and decrease with changes in the production levels
Ex: Labor costs, Materials, Utilities
Total Costs = Fixed Costs + Variable Costs
Touro University International
Changes in Supply
Production Costs Ex: Materials, Labor, Technology, Taxes
Number of Producers in the Market
Profitability of other production options
Expectation of future market price
Supply in the market will change if there is a change in:
Touro University International
Increase in Supply
Q
P
P1
Q1
S1
Q2
S2
Touro University International
DEMAND
The various quantities that a person or group is willing to buy at various prices
Touro University International
Law of Demand
As prices increase, the quantity people are willing to buy decreases
As prices decrease, the quantity people are willing to buy increases
Indirect price/quantity relationship
Touro University International
DEMAND TABLE
(Coca-Colas per week)
Price Quantity
$.25 20
$.50 10
$.75 7
$1.00 5
Touro University International
Demand Graph
Touro University International
�
REASONS FOR DEMAND
Income Effect (Price Effect)
When price rises, a consumer cannot afford to buy as much. But, when price declines, a consumer can afford to buy more. Price changes affect “purchasing power” of income
Touro University International
REASONS FOR DEMAND
Substitution Effect
When prices increase on one product, consumers will buy a substitute product instead. But when prices decrease on a product, consumers will switch to that product from other substitutes.
Substitutes are products that can be used in place of each other. Complements are products that are used together
Touro University International
REASONS FOR DEMAND
Law of Diminishing Marginal Utility
As we have more and more units of a product, the satisfaction we get from each additional unit decreases.
Marginal = additional, next, or last
Utility = satisfaction
Touro University International
Changes in D ...
The document discusses the economic concept of supply. It defines supply as the quantity of a good or service that producers are willing and able to sell at a given price over a specific period of time. The document outlines several key determinants of supply, including the price of the good, prices of related goods and factors of production, producers' objectives, and external factors. It then presents the supply function and law of supply, which states that suppliers will provide a greater quantity at a higher price, all else being equal. The document concludes by explaining demand-supply equilibrium and how excess supply or demand can create inefficiencies in the market.
This document provides an overview of demand, supply, and market equilibrium. It defines key concepts such as firms, households, input and output markets, and the circular flow of the economy. It discusses the determinants of demand and supply, including price and income. It explains the laws of demand and supply, how demand and supply curves are derived, and how equilibrium is reached through market interactions between buyers and sellers.
The document summarizes key concepts related to household behavior and consumer choice in microeconomics. It discusses households making decisions about demand for goods and labor supply based on budget constraints and utility maximization. Households choose consumption bundles that maximize total utility subject to the budget constraint. A rise in price or wage can impact consumption through income and substitution effects. Households also make choices about saving, borrowing, and allocating spending over present versus future periods.
This document provides a summary of key concepts related to market demand and supply. It discusses the basic decision-making units in an economy, including firms that produce goods and households that consume them. It then covers the concepts of demand schedules and curves, the law of demand, and how shifts in demand versus movements along a demand curve. Similar concepts are presented for supply schedules and curves as well as the law of supply. The document also discusses how individual demand and supply combine to form market demand and supply and how equilibrium is reached in markets where quantity supplied equals quantity demanded.
Supply & Demand: How it affects the marketplacefarhanarnab01
This document discusses demand and supply and how they affect market price. It defines key concepts like demand, supply, equilibrium, and how shifts in demand and supply curves change equilibrium price and quantity. Specific factors that can shift demand curves include changes in income, prices of substitutes/complements, and non-price factors like weather. Supply curves can shift due to changes in input costs, technology, and expectations about future prices. The goal of demand and supply is to allocate resources efficiently through market equilibrium of price and quantity.
Economics deals with the production, distribution, and consumption of goods and services. It studies how scarce resources are allocated between competing uses and how individuals, firms, governments, and nations make choices. There are two major types of economics: macroeconomics and microeconomics. Supply and demand determine the prices and quantities of goods and services sold in a market. For example, a movie theater found its large popcorn tub was not selling as well as expected. Introducing a medium size at a lower price balanced supply with demand better than reducing price or quantity of the large tub.
The document discusses the economic principle of the law of supply. The law of supply states that, all else being equal, the quantity of a good supplied increases as the price of the good increases. It is depicted visually as an upward-sloping supply curve. Producers will supply more of a good at a higher price because there is more profit potential. However, the quantity supplied can be affected by changes in production costs, technology, taxes, government regulations, and periods of economic uncertainty.
This document provides an overview of supply and demand, which is a fundamental concept in economics. It defines supply and demand, and explains the laws of supply and demand. Supply refers to how much of a good or service producers are willing to provide at a given price, while demand refers to how much is desired by consumers at a given price. The law of demand states that demand increases as price decreases, while the law of supply states that supply increases as price increases. Equilibrium occurs when supply and demand are equal, resulting in an efficient allocation of resources. The relationship between supply and demand determines the price in a market economy.
This document provides an overview of topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- Key economic principles such as scarcity, opportunity cost, production possibilities frontiers, and the differences between planned, market and mixed economies.
- Microeconomic concepts including demand and supply curves, elasticity, and the differences between short-run and long-run production.
- Short-run cost concepts including total, average and marginal costs, and the relationship between costs and output based on returns to scale.
- Long-run costs and the potential for economies of scale, dise
The document provides an overview of demand theory, including:
1) It defines demand as the relationship between the quantity of a product consumers are willing and able to buy at different possible prices, assuming other factors remain unchanged.
2) It explains the demand schedule shows quantities demanded at different prices, while the demand curve graphs this relationship with quantity on the x-axis and price on the y-axis, forming a downward sloping curve.
3) It describes the law of demand, which states that, all else equal, quantity demanded increases when price decreases and decreases when price increases.
This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
This document discusses three main types of business ownership: sole proprietorships, partnerships, and corporations. It provides details on the characteristics, advantages, and disadvantages of each. Sole proprietorships are owned by one individual and are the easiest to start but provide unlimited liability. Partnerships involve two or more owners who share profits and responsibilities. Corporations are legally separate entities that can sell stock and provide limited liability to owners. The document also briefly discusses other forms of business like non-profits, LLCs, franchises, and buying an existing business.
Firms produce goods and services, which are sold in output markets to households. Households supply resources like labor in input markets to firms. Market equilibrium exists where quantity supplied equals quantity demanded, resulting in no incentive for prices to change. A change in demand or supply can shift the curves, impacting equilibrium price and quantity. Higher demand increases price and quantity while higher supply decreases price but increases quantity at the new equilibrium.
Macroeconomics Basic Elements Of Supply & Demand Chap3Ashar Azam
1) Firms produce goods and services and households consume them in a circular flow of economic activity. Goods and services are exchanged in output markets while inputs like labor, capital and land are exchanged in input markets.
2) The quantity demanded by households depends on price, income, wealth, tastes and expectations. The quantity supplied by firms depends on price and costs of inputs.
3) Market equilibrium is reached where quantity demanded equals quantity supplied. Changes in demand or supply can shift this equilibrium point to a new price and quantity.
This document provides a summary of key concepts in economics, including:
1) Firms produce goods and services while households consume them in the circular flow of economic activity.
2) Demand and supply determine market equilibrium price and quantity through interactions in product and input markets.
3) Consumer demand is influenced by price, income, wealth, tastes and expectations, while firm supply depends on price and costs.
4) Utility maximization theory explains that rational consumers seek to maximize satisfaction within their budget constraints.
This document provides a summary of key concepts in economics, including:
1) Firms produce goods and services while households consume them in the circular flow of economic activity.
2) Demand and supply determine market equilibrium price and quantity through interactions in product and input markets.
3) Consumer demand is influenced by price, income, wealth, tastes and expectations, while firm supply depends on price and costs.
4) Utility maximization theory explains that rational consumers seek to maximize satisfaction subject to their budget constraint.
The document discusses how an increase in demand for housing in North Dakota due to a boom in the oil industry led to sharply higher housing prices. Between 2009 and 2012, mining employment in the state increased by about 11,000 jobs and total employment increased by over 40,000 jobs. With limited options to quickly increase the housing stock, the rising demand for housing caused prices to dramatically increase. For example, the rent for a two-bedroom apartment in the town of Williston increased from $350 per month to $2,000.
This document provides an overview and outline of key concepts from a principles of economics textbook. It includes definitions of terms like perfect competition, homogeneous products, and perfect knowledge. It also outlines the chapters, including topics like household behavior and consumer choice, and how households make decisions in output and input markets. Diagrams and tables are included to illustrate concepts like the budget constraint, utility, and how households allocate income to maximize utility based on the principle of diminishing marginal utility.
Supply and Demand IssuesSupply and demand are the starti.docxmattinsonjanel
Supply and Demand Issues
Supply and demand are the starting point of all economic analysis
The essence of choice is being able to balance the two
Touro University International
S U P P L Y
The different quantities that a producer or producers will make available to the market at different prices over a given period of time.
Touro University International
LAW OF SUPPLY
As price increases, producers are willing to produce and sell more
As price decreases, producers are willing to produce and sell less
Price and Quantity Supplied are directly related
Touro University International
Supply Table
Price Quantity
$4.00 1500
$5.00 1800
$6.00 2000
$7.00 2500
$8.00 3000
Widgets Per Week
Touro University International
Supply Graph
Touro University International
�
Producer Costs
Fixed Costs:
Costs that don't change as production levels change Ex: Rent, Insurance, Loan Payments, Taxes
Variable Costs:
Costs that increase and decrease with changes in the production levels
Ex: Labor costs, Materials, Utilities
Total Costs = Fixed Costs + Variable Costs
Touro University International
Changes in Supply
Production Costs Ex: Materials, Labor, Technology, Taxes
Number of Producers in the Market
Profitability of other production options
Expectation of future market price
Supply in the market will change if there is a change in:
Touro University International
Increase in Supply
Q
P
P1
Q1
S1
Q2
S2
Touro University International
DEMAND
The various quantities that a person or group is willing to buy at various prices
Touro University International
Law of Demand
As prices increase, the quantity people are willing to buy decreases
As prices decrease, the quantity people are willing to buy increases
Indirect price/quantity relationship
Touro University International
DEMAND TABLE
(Coca-Colas per week)
Price Quantity
$.25 20
$.50 10
$.75 7
$1.00 5
Touro University International
Demand Graph
Touro University International
�
REASONS FOR DEMAND
Income Effect (Price Effect)
When price rises, a consumer cannot afford to buy as much. But, when price declines, a consumer can afford to buy more. Price changes affect “purchasing power” of income
Touro University International
REASONS FOR DEMAND
Substitution Effect
When prices increase on one product, consumers will buy a substitute product instead. But when prices decrease on a product, consumers will switch to that product from other substitutes.
Substitutes are products that can be used in place of each other. Complements are products that are used together
Touro University International
REASONS FOR DEMAND
Law of Diminishing Marginal Utility
As we have more and more units of a product, the satisfaction we get from each additional unit decreases.
Marginal = additional, next, or last
Utility = satisfaction
Touro University International
Changes in D ...
The document discusses the economic concept of supply. It defines supply as the quantity of a good or service that producers are willing and able to sell at a given price over a specific period of time. The document outlines several key determinants of supply, including the price of the good, prices of related goods and factors of production, producers' objectives, and external factors. It then presents the supply function and law of supply, which states that suppliers will provide a greater quantity at a higher price, all else being equal. The document concludes by explaining demand-supply equilibrium and how excess supply or demand can create inefficiencies in the market.
This document provides an overview of demand, supply, and market equilibrium. It defines key concepts such as firms, households, input and output markets, and the circular flow of the economy. It discusses the determinants of demand and supply, including price and income. It explains the laws of demand and supply, how demand and supply curves are derived, and how equilibrium is reached through market interactions between buyers and sellers.
The document summarizes key concepts related to household behavior and consumer choice in microeconomics. It discusses households making decisions about demand for goods and labor supply based on budget constraints and utility maximization. Households choose consumption bundles that maximize total utility subject to the budget constraint. A rise in price or wage can impact consumption through income and substitution effects. Households also make choices about saving, borrowing, and allocating spending over present versus future periods.
This document provides a summary of key concepts related to market demand and supply. It discusses the basic decision-making units in an economy, including firms that produce goods and households that consume them. It then covers the concepts of demand schedules and curves, the law of demand, and how shifts in demand versus movements along a demand curve. Similar concepts are presented for supply schedules and curves as well as the law of supply. The document also discusses how individual demand and supply combine to form market demand and supply and how equilibrium is reached in markets where quantity supplied equals quantity demanded.
Supply & Demand: How it affects the marketplacefarhanarnab01
This document discusses demand and supply and how they affect market price. It defines key concepts like demand, supply, equilibrium, and how shifts in demand and supply curves change equilibrium price and quantity. Specific factors that can shift demand curves include changes in income, prices of substitutes/complements, and non-price factors like weather. Supply curves can shift due to changes in input costs, technology, and expectations about future prices. The goal of demand and supply is to allocate resources efficiently through market equilibrium of price and quantity.
Economics deals with the production, distribution, and consumption of goods and services. It studies how scarce resources are allocated between competing uses and how individuals, firms, governments, and nations make choices. There are two major types of economics: macroeconomics and microeconomics. Supply and demand determine the prices and quantities of goods and services sold in a market. For example, a movie theater found its large popcorn tub was not selling as well as expected. Introducing a medium size at a lower price balanced supply with demand better than reducing price or quantity of the large tub.
The document discusses the economic principle of the law of supply. The law of supply states that, all else being equal, the quantity of a good supplied increases as the price of the good increases. It is depicted visually as an upward-sloping supply curve. Producers will supply more of a good at a higher price because there is more profit potential. However, the quantity supplied can be affected by changes in production costs, technology, taxes, government regulations, and periods of economic uncertainty.
This document provides an overview of supply and demand, which is a fundamental concept in economics. It defines supply and demand, and explains the laws of supply and demand. Supply refers to how much of a good or service producers are willing to provide at a given price, while demand refers to how much is desired by consumers at a given price. The law of demand states that demand increases as price decreases, while the law of supply states that supply increases as price increases. Equilibrium occurs when supply and demand are equal, resulting in an efficient allocation of resources. The relationship between supply and demand determines the price in a market economy.
This document provides an overview of topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- Key economic principles such as scarcity, opportunity cost, production possibilities frontiers, and the differences between planned, market and mixed economies.
- Microeconomic concepts including demand and supply curves, elasticity, and the differences between short-run and long-run production.
- Short-run cost concepts including total, average and marginal costs, and the relationship between costs and output based on returns to scale.
- Long-run costs and the potential for economies of scale, dise
The document provides an overview of demand theory, including:
1) It defines demand as the relationship between the quantity of a product consumers are willing and able to buy at different possible prices, assuming other factors remain unchanged.
2) It explains the demand schedule shows quantities demanded at different prices, while the demand curve graphs this relationship with quantity on the x-axis and price on the y-axis, forming a downward sloping curve.
3) It describes the law of demand, which states that, all else equal, quantity demanded increases when price decreases and decreases when price increases.
This document provides an overview of the key topics that will be covered in a basic economics workshop, including:
- Introduction to microeconomics and macroeconomics concepts like supply and demand, markets, and economic growth.
- The nature of scarcity and how it requires individuals and societies to make choices that involve opportunity costs.
- Production possibilities frontiers and how resources constraints impact what combinations of goods can be produced.
- Distinguishing between microeconomic topics like demand, supply, and elasticity from macroeconomic topics like inflation and GDP.
- Differences between production in the short-run, when some resources are fixed, versus the long-run when all resources are variable.
This document discusses three main types of business ownership: sole proprietorships, partnerships, and corporations. It provides details on the characteristics, advantages, and disadvantages of each. Sole proprietorships are owned by one individual and are the easiest to start but provide unlimited liability. Partnerships involve two or more owners who share profits and responsibilities. Corporations are legally separate entities that can sell stock and provide limited liability to owners. The document also briefly discusses other forms of business like non-profits, LLCs, franchises, and buying an existing business.
The document discusses ways to measure the size of businesses. It identifies key reasons why investors, governments, competitors, workers, and banks would want to know the size of a business, such as evaluating investment safety, collecting taxes, assessing competition levels, and ensuring job security or loan recovery. The main ways listed to measure business size are by number of employees, value of output, value of sales, and capital employed.
- The document discusses applying business knowledge in context when answering exam questions. It provides guidance on using information given about a specific business to demonstrate applied understanding.
- An example is given about Geoff and Margaret who own a tearoom. Learners are told to use examples specific to their business when answering questions about cash inflows and outflows.
- The document provides another example about Geoff and Margaret expanding their business with a mobile tearoom. Learners are asked to identify startup capital and working capital needs in the context of the mobile business.
Capital value tax is payable on the acquisition of certain assets in Pakistan including immovable property, motor vehicles, air tickets, shares, and modaraba certificates. The rate of capital value tax varies depending on the type of asset and its value. For immovable property, the tax rate is 4% of the recorded value or Rs. 100/sq yard for unrecorded land value, plus Rs. 10/sq feet for constructed buildings. Motor vehicle tax rates range from 1.25-7.5% depending on engine capacity. Air ticket tax is 1.5% of ticket value. Securities like shares and modaraba certificates are taxed at 0.02% of purchase value.
This document discusses the concept of the time value of money and how to calculate future and present values. It covers topics like simple interest, compound interest, using interest tables, and calculating future and present values for single deposits and streams of cash flows. Formulas and examples are provided for compound interest, future value, present value, and the "rule of 72" approximation for doubling time. The document appears to be from a chapter in a textbook on financial management that teaches time value of money concepts.
Financial analysis is the process of evaluating financial and other information for decision-making. A six-step approach includes identifying the purpose, providing a corporate overview and industry analysis, applying financial analysis techniques, conducting a detailed accounting analysis, performing a comprehensive analysis, and making a decision or recommendation. Industry analysis considers factors like competition, barriers to entry, and buyer/supplier power. A company's business strategy, such as cost leadership or product differentiation, is also analyzed in the context of industry characteristics. Quantitative financial analysis systematically evaluates key elements like ratios, cash flows, and models to identify "red flags" requiring in-depth examination.
This document discusses accounting for plant and intangible assets. It covers major categories of plant assets including tangible assets like land, buildings and equipment and intangible assets like patents and goodwill. It describes the major events in the life of a plant asset - acquisition, depreciation over its useful life, and sale/disposal. Methods of determining the cost of an acquired asset are presented. The document also discusses accounting for depreciation using methods like straight-line and declining balance and events that would trigger revising depreciation rates or recognizing impairment. Guidelines for recording the disposal of plant assets and trading in used assets for new ones are also summarized.
Macroeconomics is the study of the economy as a whole. Economists use models to examine issues like unemployment, inflation, and growth. Models simplify reality and show relationships between variables. Gross domestic product is a key statistic that measures total expenditure and income in the economy. It has components like consumption, investment, government spending, and net exports. Other important statistics include inflation using the Consumer Price Index and the unemployment rate.
micro-ch05-presentation-120319214009-phpapp02 (1).pdfHaider Ali
This document discusses elasticity and its application to microeconomics. It begins by outlining key questions about elasticity, including the price elasticity of demand and supply and other elasticities. It then uses examples and scenarios to explain elasticity, determinants of price elasticity, the relationship between elasticity and total revenue/expenditure, and how elasticity can be applied to analyze policies. The document contains lecture slides on elasticity with definitions, formulas, graphs, and activities to help explain and apply elasticity concepts.
This document discusses concepts related to elasticity, including:
- Price elasticity of demand measures how responsive consumers are to price changes. Demand is elastic if a small price change causes a large quantity change, and inelastic if the opposite is true.
- Supply elasticity measures producers' responsiveness to price. Supply is elastic if producers can easily adjust output to price changes.
- Demand becomes more elastic over time as consumers can find substitutes. Income elasticity refers to responsiveness to income changes.
- Factors like availability of substitutes and importance of the good affect elasticity. Inelastic demand leads to falling total revenue if price falls. This document uses examples of food and farming markets.
This document provides an outline and overview of key concepts related to demand, supply, and market equilibrium from a principles of macroeconomics textbook. It defines important economic terms like firms, households, demand curves, supply curves, and equilibrium. It also explains the relationship between price and quantity demanded using the law of demand and how other factors like income, tastes, and prices of substitutes and complements can shift demand curves. The circular flow model and how households and firms interact in product and factor markets is also summarized.
This document provides an outline of Chapter 13 from the textbook "Principles of Microeconomics" by Case, Fair, and Oster. The chapter discusses monopoly and imperfect competition, including the forms of imperfect competition, price and output decisions for pure monopolies, barriers to entry, the social costs of monopoly, and remedies for monopoly through antitrust policy. Key concepts covered include market power, marginal revenue curves, natural monopolies, rent-seeking behavior, and price discrimination.
This document introduces macroeconomics and the tools used by macroeconomists. It discusses important macroeconomic issues like GDP, inflation, unemployment and recessions. It explains that macroeconomists use simplified models to study relationships between economic variables and to explain overall economic behavior. Models can have flexible or sticky prices, affecting how the economy functions in the short and long run. The goal of macroeconomics is to understand and improve the overall economy.
This document provides an overview of the scope and method of economics. It discusses why economics is studied, including to learn a way of thinking, understand society and global affairs, and be an informed citizen. It outlines the key fields of microeconomics and macroeconomics and various subfields of economics. It also explains the difference between positive and normative economics and how economics uses theories and models to understand relationships between economic variables.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document discusses accounting as an information system that provides financial and managerial information to both internal and external decision makers. It describes the objectives and characteristics of financial accounting information provided to external users like investors and creditors, as well as managerial accounting information used by internal managers. The accounting process involves recording, classifying, and summarizing business transactions and events. Integrity in accounting information is ensured through institutions like GAAP and the SEC, professional organizations, and certifications that promote competence and ethics among accounting professionals.
This document discusses different ways to classify businesses, including by industry, size, value, and sector. It describes the primary, secondary, and tertiary sectors of an economy, with the primary sector involving resource extraction, the secondary involving manufacturing, and the tertiary involving services and retail. The proportions of each sector can change over time and differ between economies. Economies can also be classified as command, free market, or mixed based on levels of government involvement in business.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM