Microeconomics 1/24/2012 11:46:00 AM Economics: Study of choice under conditions of scarcity Opportunity Cost: what you give up when making a choice Society  Resources:…

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1. Theory of Supply and Demand 2. Overview Market (who, what, how) Supply and demand is an economic model Designed to explain how prices are determined in certain types of…

1. Theory of Supply and Demand 2. Overview Market (who, what, how) Supply and demand is an economic model Designed to explain how prices are determined in certain types of…

1. Theory of Supply and Demand 2. Overview Market (who, what, how) Supply and demand is an economic model Designed to explain how prices are determined in certain types of…

1. Theory of Supply and Demand 2. Overview Market (who, what, how) Supply and demand is an economic model Designed to explain how prices are determined in certain types of…

1. CHAPTER4 The Market Forces of Supply and Demand GoalsLearn what a competitive market isin this chapter you willExamine what determines the demand for a good in a competitive…

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1.   2.   3. Markets and Prices Amarketis any arrangement that enables buyers and sellers to get information and do business with each other. Acompetitive marketis a market…