1 of 44

Slide Notes

DownloadGo Live

Econ. Oct. 27

Published on Nov 19, 2015

No Description

View Outline

MORE DECKS TO EXPLORE

PRESENTATION OUTLINE

1.

Demand and supply

mr. melkonian
2.

market

most fundamental and characteristic trait of our economic system
Photo by marcp_dmoz
3.

economy and market are different!

common misconception 
4.

market

four distinct, but related meanings
Photo by Yang and Yun's Album
5.

Physical place where a product is bought and sold. Eg. Costco, TSX

6.

All the buyers and sellers of a particular good/service. Eg. global market for a commodity like limestone.

Photo by minnepixel
7.

Can be the demand that exists for a particular product/service. Eg. the market for Nintendo's Wii U is not high in demand.

Photo by somegeekintn
8.

Can describe the process by which a buyer and seller arrive at a mutually acceptable price/quantity.

Photo by art_inthecity
9.

economy includes these things

and more...
10.

so who determines the price of things?

the market itself! 
11.

match buyers/sellers

of particular product/service
Photo by laszlo-photo
12.

buyers want to spend as little as possible

13.

sellers want the price to be high

14.

usually ends up somewhere in the middle

but big fluctuation sometimes...
15.

demand

Photo by kevin dooley
16.

Quantity of a good/service that buyers will purchase at various prices during a given time period.

Photo by @Doug88888
17.

gucci vs guess

you have a demand for the one you can afford
Photo by BillyBy
18.

whether or not you have a demand for a product

depends on 2 factors
Photo by Leo Reynolds
19.

your head/heart

Photo by Amir Kuckovic
20.

wallet

Photo by TaylorB90
21.

demand exists for

things you want and can afford to buy
Photo by Dr. RawheaD
22.

higher price of a product

less it will be purchased - opposite as well
Photo by Benoit cars
23.

Law of Demand - The quantity demanded varies inversely with price, as long as other things don't change

Photo by V. H. Hammer
24.

substitution

if we can no longer afford something, we get something similar but cheaper
Photo by Liam Higgins
25.

income

if it's cheaper you may buy more
Photo by JD Hancock
26.

demand schedule

calculates consumer demand for a product
Photo by TheeErin
27.

T-Shirt Cost/Sales

28.

Distinction between demand and quantity demanded. Quantity demand refers to relationship determined by price.

29.

Compare $28 T-shirts vs $24 T-shirts. Quantity demanded has fallen by one.

30.

don't say demand has fallen by one!

individual - entire schedule of proce-quantity relationship is shown
Photo by lisa cee (Lisa Campeau)
31.

Demand curve

could be a straight line too!
Photo by Ame Otoko
32.

market demand

buying habits of thousands of people
Photo by Bert Kaufmann
33.

market demand schedule

sum of all the consumer demands for a product
Photo by Leo Reynolds
34.

T-Shirt Cost/Sales- 3 Buyers

35.

Supply

quantity that sellers will offer for sale at various prices
Photo by danielfoster437
36.

when price rises

they want to supply more!
Photo by Robert S. Donovan
37.

they want profit

Photo by Alan Cleaver
38.

if price goes down

suppliers want to supply less, since their profits will fall
Photo by Adabo!
39.

law of supply

Photo by Scott*
40.

The quantity supplied will increase if price increases and fall if price falls, as long as other things don't change.

Photo by ultraBobban
41.

supply curve

can be linear too!
Photo by kevin dooley
42.

Supply and quantity supplied

different as well
Photo by g_firkser
43.

Supply refers to the whole series of price and quantity relationships. T-shirt supply schedule

Photo by Nick.Warner
44.

Quantity supplied refersto one relationship determined by price. Differences between various price points on the T-Shirt supply schedule.

Photo by EvelynGiggles

Peter Melkonian