Chapter 2 The Basics of Supply and Demand
Chapter 2 The Basics of Supply and Demand
Topics to Be Discussed a Supply and Demand ■ The market mechanisn Changes in Market Equilibrium a Elasticities of Supply and Demand a Short-Run Versus Long-Run Elasticities Chapter 2: The Basics of Supply and Demand Slide 2
Chapter 2: The Basics of Supply and Demand Slide 2 Topics to Be Discussed ◼ Supply and Demand ◼ The Market Mechanism ◼ Changes in Market Equilibrium ◼ Elasticities of Supply and Demand ◼ Short-Run Versus Long-Run Elasticities
Topics to Be Discussed a Understanding and Predicting the Effects of Changing Market Conditions a Effects of government Intervention--Price Controls Chapter 2: The Basics of Supply and Demand Slide 3
Chapter 2: The Basics of Supply and Demand Slide 3 Topics to Be Discussed ◼ Understanding and Predicting the Effects of Changing Market Conditions ◼ Effects of Government Intervention--Price Controls
Introduction a Applications of Supply and Demand Analysis o Understanding and predicting how world economic conditions affect market price and production o Analyzing the impact of government price controls, minimum wages, price supports, and production incentives Chapter 2: The Basics of Supply and Demand Slide 4
Chapter 2: The Basics of Supply and Demand Slide 4 Introduction ◼ Applications of Supply and Demand Analysis ⚫ Understanding and predicting how world economic conditions affect market price and production ⚫ Analyzing the impact of government price controls, minimum wages, price supports, and production incentives
Introduction a Applications of Supply and Demand Analysis o Analyzing how taxes, subsidies, and import estriction affect consumers and producers Chapter 2: The Basics of Supply and Demand Slide 5
Chapter 2: The Basics of Supply and Demand Slide 5 Introduction ◼ Applications of Supply and Demand Analysis ⚫ Analyzing how taxes, subsidies, and import restrictions affect consumers and producers