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Economics - Primer >> .
Supply and Demand ↠
1) Market - any place where buyers and sellers meet to exchange goods and services.
a. An owner of a supermarket values the labor of the cashier more than money she pays him.
Economics - Primer >> .
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a. An owner of a supermarket values the labor of the cashier more than money she pays him.
2) Price signals - the information that markets generate to guide the distribution of the resources.
a. Businesses, and in particular large corporations , are often villainized as greedy, heartless institutions, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time making advantage of people.
a. Businesses, and in particular large corporations , are often villainized as greedy, heartless institutions, that take advantage of consumers, but if markets are transparent and buyers are free to choose, then businesses will have a hard time making advantage of people.
3) Supply and demand.
a. When the price goes up - people buy less, when the price goes down - people buy more.
b.When the price goes up - the farmer wants to produce more, when the price goes down - the farmer wants to produce less.
c. When quantity supplied = quantity demanded, we get equilibrium price of product.
a. When the price goes up - people buy less, when the price goes down - people buy more.
b.When the price goes up - the farmer wants to produce more, when the price goes down - the farmer wants to produce less.
c. When quantity supplied = quantity demanded, we get equilibrium price of product.
4) Four market behaviors
a. Supply can decrease.
b. Supply can increase.
c. Demand can increase.
d. Demand can decrease.
a. Supply can decrease.
b. Supply can increase.
c. Demand can increase.
d. Demand can decrease.
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