Econ 1000: Week 3
Group 2
Group 3
Group 4
Group 1
the six main factors that change supply of a good
expected future prices
supply
demand
the prices of related goods produce
definition of demand
the prices of factor of production
expected future prices
technology
state of nature
markets and prices
Predicting Changes in Price & Quantity
Market Equilibrium
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the number of suppliers
demand curve and schedule
willingness and ability to pay
law of the demand
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complement
substitute
a good that is used in conjunction with another good
a good that can be used in place of another good
a rise in the prices a factor of production decrease supply and shifts the supply curve leftward.
income effect
substitution effect
a decrease in demand
complement up, the price increases.
Price as a Reguator
substitute up, the price falls.
a change in demand
prices of related goods
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equilibrium price
equilibrium quantity
the price wii increase when the quantity is small
Supply
The Number of Supply
Expected Future Prices
supply schedule
expected future prices
the quantity supplied equals the quantity demanded
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the quantity demanded exceeds the quantity supplied
an increase in supply
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An increase an demand
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income
the law of supply
inferior good
normal good
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The quantity supplied and the supply curve
both demand and supply change in the same direction
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Technology
population
expected future income and credit
preferences
The State of Nature
the demand of goods and price effect each other
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both demand and supply change in opposite directions
an decrease in supply
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change of demand
people will search the same thing to stand it when the price rise up
The good's price changes and other influences on sellers' plans keep the same.
the people will give up buying something when comparing with money that people earns the price is increasing
The good's price keeps the same and other influence on sellers' plans changes.
price
quantity
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a change in supply
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when the price higher than equilibrium price
when the price lower than equilibrium price
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