Basic Elements of Demand and Supply

Slide 1 Chapter 4 Supply and Demand – An Initial Look The free enterprise system is absolutely too important to be left to the voluntary action of the marketplace. RICHARD…

Slide 1 Slide 2 3 - 1 Copyright McGraw-Hill/Irwin, 2005 Markets Demand Defined Demand Graphed Changes in Demand Supply Defined Supply Graphed Changes in Supply Equilibrium…

Slide 1Supply Chapter 5 Section 1 Slide 2 Supply – the amount of goods available Law of Supply – the higher the price the larger the quantity produced Quantity supplied…

Slide 1Anything New? Review Law of Demand Worksheet Current Reading Quiz  Demand  Open Note Homework  Review Powerpoint for next class (online)  Read “Current…

Slide 1 Slide 2 3 - 1 Demand Changes in Demand Supply Changes in Supply Equilibrium Surpluses & Shortages Welfare Economics Supply & Demand The Product Market Slide…

Slide 1 Economics “Econ, Econ” Econ Slide 2 What is Economics? Economics is the study of _________. Economics is the science of scarcity. Scarcity means that we have…

Slide 1 Supply and Demand 4 Teach a parrot the terms supply and demand and you’ve got an economist. — Thomas Carlyle CHAPTER 4 Copyright © 2010 by the McGraw-Hill Companies,…

Slide 1 Slide 2 Individual Markets: Demand & Supply 3 C H A P T E R Slide 3 MARKETS DEFINED MARKETS POTENTIAL SELLERS POTENTIAL BUYERS Slide 4 $5 4 3 2 1 DEMAND DEFINED…

Slide 1 Slide 2 3 - 1 Copyright McGraw-Hill/Irwin, 2002 Markets Demand Defined Demand Graphed Changes in Demand Supply Defined Supply Graphed Changes in Supply Equilibrium…