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1、Section A Business E Five Units in This Section Factors Affecting the Firm Consumption and Production Market Structures and the Market for Inputs Macroeconomic Issues, Measures, and Cycles Government Participation in the E Economics Social science addressing of scarce resources Individuals spend lim
2、ited income to maximize satisfaction Nation allocates fixed resources to achieve maximum social welfare Based on unlimited nature of human wants, scarcity of resources to satisfy Economic systems (capitalist/socialist) What goods and services should be produced? How much to produce? How to produce?
3、 For whom should goods be produced? Microeconomics Study of individual economic units in economy, operation of markets Focus on Consumer Buys finished goods Sells labor, entrepreneurial services, capital Firm Sells finished goods Buys labor, entrepreneurial services, Macroeconomics Study of economi
4、c aggregates Overview of economy Levels of national income, employment, prices Effects of monetary, fiscal Unit 1 Factors Affecting the F Factors Affecting the Firm Demand, Supply, and Equilibrium Elasticity Extemalities and Government Intervention Antitrust P1.1 Demand, Supply, and E We should be a
5、ble to understand the laws of supply and demand interpret a graph of supply and demand understand how prices are determined differentiate between changes in demand (supply) and changes in the quantity demanded (supplied) We should be able to identify the market equilibrium price how surpluses and sh
6、ortages affect the market Demand Quantity demand Amount that will be purchased at a specific price during a period of time Demand Schedule of amounts of goods/service consumers are willing, able to purchase at various prices during period of Demand Demand S Demand Demand schedule graphically depic
7、ted as relationship between prices, Demand Law of demand All other factors held constantprice, quantity inversely Income Effect Real income as price of good consumers have more buying power Ability to buy more of good with same amount of Substitution Effect Price of good becomes cheaper relative
8、to others Consumers have tendency to buy cheaper Demand Curve A change in price in quantity demanded movement along curve A change in determinant of demand in demand shift of Determinants of Demand Factors other than price affecting amount of commodity consumers purchase Consumer income Consumer t
9、aste, preference Price of related goods Consumer expectations Number of Consumer Income: Normal Goods Commodities demand is positively related to income Consumer income demand curves shifts to right Disposable incomes purchase of these goods , at all price Consumer Income: Inferior Goods Commoditi
10、es demand negatively related to income Consumer income demand curves shifts to right Disposable income purchase at all price Consumer Taste, Preference Interest in product demand curve shifts Ex: necktie styles Sales of wide ties leftward shift in demand curve Sales of narrow ties rightward shift i
11、n demand curve Ex: technology Demand for digital cameras shifts right demand for film cameras shifts Price of Related Goods Substitutes Price of A demand of B Complements Price of A demand of B Cross-elasticity of Consumer Expectations Anticipating price buy drives current demand right Anticipatin
12、g incomes buy drives demand curve to Number of Customers Ex: number of older citizens demand curve for elder-care services shifts to right, demand for baby products shifts to E Supply Quantity supplied Amount offered at specific price during period of time Supply Schedule of amounts of good produc
13、ers are willing, able to market at various prices during period of Supply Supply schedule graphically depicted as relationship between prices, Supply Law of supply All other factors held constantprice of product, quantity supplied directly Supply Curve A change in price in quantity supplied movement along curve A change in determinant in supply shift of Determinants of supply Factors other than price affecting amount of commodity produced Costs of inputs Change in efficiency of production process Expectations about price changes Passage of ti
