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Econ. Nov 5

Published on Jan 16, 2016

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1.

Changes in demand and supply

mr. melkonian
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2.

we assumed 'other things don't change'

various non-price factors kept constant
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3.

quantity demanded/supplied

changed strictly because of price
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4.

movements along the curve

showed these changes
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5.

changes in non-price factors

sometimes cause the whole curve to shift!
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6.

affects on a product's demand/supply

opposed to quantity demanded/supplied
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7.

this distinction is huge!

fundamental economic principle
8.

changes in demand

5 basic changes in customer demand - any can cause demand curve shift
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9.

income

increase or decrease
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10.

If I had more money to spend on cookies. I could be willing to purchase more. I have more buying power, demand curve shifts. New equilibrium point

11.

If I had more money to spend on cookies. I could be willing to purchase more. I have more buying power, demand curve shifts. New equilibrium point

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12.

quantity demanded increases

at all prices
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13.

shift upward to the right

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14.

population

more people, increase in demand
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15.

markham housing

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16.

decrease in consumers

has opposite effect, shifting demand curve to the left
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17.

demographics

population stats - age, income, overall numbers
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18.

Businesses look at demographics to figure out whether or not the demand for their product is increasing.

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19.

baby boomers

baby boom echo
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20.

how can knowledge of this group

help a business owner?
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21.

tastes and preferences

gluten free cookies?
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22.

by switching production

companies able to increase demand for products
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23.

low-fat foods...

decreased demand for high fat milk, etc
24.

expectations

people might think 'x' product price will rise
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25.

so they buy lots of it!!

increase in demand
26.

housing is sensitive

as we saw in 'the inside job'
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27.

people took heavy debt

scared that prices are going to skyrocket
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28.

self-fulfilling prophecy

people thought it was going to happen, so it did
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29.

prices of substitute goods

we saw that people sometimes sub for a cheaper alternative
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30.

price of pc cola was cheap

so we bought it instead of coke
31.

what would happen if pc cola

got more expensive!!?!?
32.

still cheaper than coke

but the margin isn't as big as it used to be
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33.

many people will think the small gap isn't worth it

go back to buying coke
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34.

increases demand of coke

shift to the right
35.

complement goods

sold together with other goods
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36.

ketchup and fries

fall in price of either increases demand for the other
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37.

cars and gasoline

cheap cars? more on gas... Cheap gas? more car sales
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38.

changes in supply

5 major factors
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39.

costs

increase/decrease in production costs 
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40.

If the cost of chocolate chips fall, I want to pass the savings onto customers. Supply curve shifts to the right

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41.

equilibrium price drops here

customers are happy!
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42.

increase in manufacturing cost

decreases supply
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43.

number of sellers

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44.

more sellers shifts supply right

less shifts supply left
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45.

Technology

decrease price of production, manufacturers supply more 
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46.

almost everything is cheaper

becuase of advances in technology
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47.

nature and the environment

can really change economic landscape
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48.

cod

going extinct due to environment, supply shift to the left
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49.

prices of related outputs

production of something may affect supply of other related items
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50.

I make cookies and macaroons. If the market price of macaroons go up, I'll make more of them and less cookies. Since there are less cookies available,the cookie supply curve shifts left.

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Peter Melkonian