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Chapter 3, Regita Haniyyah Triyatna, 120310180002, PIE Mikro O, Chapter 4 …
Chapter 3
Chapter 3: Supply, Demand and Market equilibrium
The circular flow of economic activity
Demand in Product / Output Markets
Quantity Demanded
the amount (number of units) of a product that a household would
buy in a given period if it could buy all it wanted at the current market price
Changes in Quantity demanded vs Changes in Demand
Price and Quantity Demanded
Demand Schedule
e shows how much of a product a person or household is willing to purchase per time period (each week or each month) at different prices
Demand Curves Slope Downward
Other Determinants of Household Demand
income and Wealth
Prices of Other goods and Services
expectations
Supply in Product / Output Markets
Price and Quantity Supplied
Quantity supplied
Supply schedule
Law of supply
Supply curve
Other Determinants of Supply
The cost of production
The price of related products
Market Equilibrium
Excess Demand
Excess Supply
Changes in Equilibrium
Regita Haniyyah Triyatna
120310180002
PIE Mikro O
Chapter 4