Why we love demand!
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This document provides an overview of key concepts in demand economics, including the law of demand, income and substitution effects, demand curves and shifts in demand curves. It discusses factors that can cause a shift in demand, such as income, population changes, tastes, advertising, and expectations. It also defines normal goods and inferior goods and how income affects demand for each. Finally, it briefly mentions complements, substitutes, scarcity, and how economies deal with demand.
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A monopoly exists when there is a single supplier in a market with many buyers, allowing the supplier to charge high prices. Natural monopolies form in industries where it is most efficient to have a single large firm, such as utilities, and governments often regulate these. Government can also create monopolies by granting patents or franchises. Major League Baseball has an antitrust exemption allowing it to limit the number and location of teams. Monopolistic competition features differentiated products from many similar companies, like jeans or ice cream stores. Oligopolies are dominated by a few large firms that sometimes collude to limit competition through practices like price fixing, which is illegal.
The market structure
The document defines key terms related to market structure and perfect competition, including marginal cost, marginal revenue, total cost, and total revenue. It then outlines the characteristics of a perfectly competitive market: many buyers and sellers so that no single participant can influence prices; identical products being sold; buyers and sellers having perfect information; and easy entry and exit into the market. Perfect competition results in the market determining prices based on supply and demand forces.
Marginal utility
Marginal utility describes how the satisfaction received from consuming additional units of a good declines as consumption increases. The more of a good is consumed, the less utility each additional unit provides. This explains why consumers seek variety and companies develop new products to stimulate continued interest. As marginal utility diminishes with higher consumption, consumers are willing to pay less per unit as the price must be lower to justify further purchases.
Supply
The document discusses the concept of supply in economics. It states that supply is the quantity of a good that is available and that quantity supplied generally increases with rising prices as firms seek to earn more revenue. It also notes that firms may decrease production if prices fall. The document introduces the concepts of a supply schedule and supply curve to illustrate the relationship between price and quantity supplied. It defines elasticity of supply and explains that an elastic supply is very responsive to price changes while an inelastic supply is not very responsive to price changes.
Price elasticity of demand
Price elasticity of demand measures how responsive the quantity demanded of a product is to changes in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. Demand is elastic if the elasticity is greater than 1, meaning quantity responds more than proportionally to price changes. Demand is inelastic if elasticity is less than 1, meaning quantity does not change much with price changes. When demand is inelastic, increases in price can raise total revenue, while elastic demand means decreases in price may raise total revenue.
Public goods
The document discusses public goods and services, private goods, and the differences between them. It explains that public goods are nonexcludable and jointly consumed, meaning many people can benefit from the good at once and non-payers cannot be prevented from using the good. Some key characteristics of public goods are shared consumption and non-exclusion. The document also discusses why governments provide public goods, giving examples of goods and services that are public or private.
Externalities
Goods can be classified based on whether consumption is rival or nonrival and whether people can be excluded from consumption. Rival goods have limited availability while nonrival goods can be consumed by many without reducing supply. Excludable goods can limit users to those who pay while nonexcludable goods are available even without payment. Some economic activities create external costs or benefits for third parties not involved in the production or consumption through pollution, landscaping effects, and other impacts, with potential issues of free riding.
Chapter 4~the private sector
The private sector refers to the part of the economy owned by individuals and operated for personal benefit. Exchanges in the private sector contribute to economic efficiency as individual choice and competition improve efficiency. Private goods are owned privately and benefit only their owners, while the public sector is owned by society as a whole. Private sector exchanges involve both parties benefitting as buyers and sellers transact. Efficiency results from businesses achieving maximum benefit from resources, and competition forces less efficient companies out of the market to the advantage of consumers. The private sector market establishes prices through competition and provides choices to satisfy consumers. Producers must meet consumer wants and needs efficiently to succeed against other producers.
Scarcity
Scarcity exists because it is not possible to have everything we want and need. Scarcity and wants and needs determine how we make choices and allocate our limited resources between goods and services. There are four factors of production that affect business - land, labor, capital, and entrepreneurship. Both physical capital and human capital are required in our economy.
Opportunity cost
This document discusses key concepts in opportunity cost economics including trade-offs, guns or butter, marginal thinking, and opportunity cost. It defines trade-offs as the alternatives given up when choosing one course of action over another for individuals and businesses. It explains guns or butter refers to allocating resources toward military goods versus consumer goods. Finally, it defines opportunity cost as the most desirable alternative given up as a result of a decision and marginal thinking as deciding how much more or less to do by adding or subtracting a single unit.
Market vs. command
A market economy relies on specialization by households and firms, with profit as an incentive for businesses to produce goods that consumers demand through competition, resulting in economic efficiency and growth. In contrast, a command economy gives the government control over allocation of resources and production, which can lead to shortages, low quality goods, and less incentive for production due to the lack of consumer choice and profit incentives.
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