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1、,2 SUPPLY AND DEMAND I: HOW MARKETS WORK,4,The Market Forces of Supply and Demand,Supply and demand are the two words that economists use most often. Supply and demand are the forces that make market economies work. Modern microeconomics is about supply, demand, and market equilibrium.,A market is a
2、 group of buyers and sellers of a particular good or service. The terms supply and demand refer to the behavior of people . . . as they interact with one another in markets.,MARKETS AND COMPETITION,MARKETS AND COMPETITION,Buyers determine demand. Sellers determine supply,Competitive Markets,A compet
3、itive market is a market in which there are many buyers and sellers so that each has a negligible impact on the market price.,Perfect Competition Products are the same Numerous buyers and sellers so that each has no influence over price Buyers and Sellers are price takers Monopoly One seller, and se
4、ller controls price,Competition: Perfect and Otherwise,Oligopoly Few sellers Not always aggressive competition Monopolistic Competition Many sellers Slightly differentiated products Each seller may set price for its own product,Competition: Perfect and Otherwise,DEMAND,Quantity demanded is the amoun
5、t of a good that buyers are willing and able to purchase. Law of Demand The law of demand states that, other things equal, the quantity demanded of a good falls when the price of the good rises.,The Demand Curve: The Relationship between Price and Quantity Demanded,Demand Schedule The demand schedul
6、e is a table that shows the relationship between the price of the good and the quantity demanded.,Catherines Demand Schedule,The Demand Curve: The Relationship between Price and Quantity Demanded,Demand Curve The demand curve is a graph of the relationship between the price of a good and the quantit
7、y demanded.,Figure 1 Catherines Demand Schedule and Demand Curve,Copyright 2004 South-Western,Price of,Ice-Cream Cone,0,2.50,2.00,1.50,1.00,0.50,1,2,3,4,5,6,7,8,9,10,11,Quantity of,Ice-Cream Cones,$3.00,12,Market Demand versus Individual Demand,Market demand refers to the sum of all individual deman
8、ds for a particular good or service. Graphically, individual demand curves are summed horizontally to obtain the market demand curve.,Shifts in the Demand Curve,Change in Quantity Demanded Movement along the demand curve. Caused by a change in the price of the product.,0,D,Price of Ice-Cream Cones,Q
9、uantity of Ice-Cream Cones,A tax that raises the price of ice-cream cones results in a movement along the demand curve.,A,8,1.00,Changes in Quantity Demanded,Shifts in the Demand Curve,Consumer income Prices of related goods Tastes Expectations Number of buyers,Shifts in the Demand Curve,Change in D
10、emand A shift in the demand curve, either to the left or right. Caused by any change that alters the quantity demanded at every price.,Figure 3 Shifts in the Demand Curve,Copyright2003 Southwestern/Thomson Learning,Price of,Ice-Cream,Cone,Quantity of,Ice-Cream Cones,0,Shifts in the Demand Curve,Cons
11、umer Income As income increases the demand for a normal good will increase. As income increases the demand for an inferior good will decrease.,$3.00,2.50,2.00,1.50,1.00,0.50,2,1,3,4,5,6,7,8,9,10,12,11,Price of Ice-Cream Cone,Quantity of Ice-Cream Cones,0,Increase in demand,An increase in income.,D1,
12、D2,Consumer Income Normal Good,$3.00,2.50,2.00,1.50,1.00,0.50,2,1,3,4,5,6,7,8,9,10,12,11,Price of Ice-Cream Cone,Quantity of Ice-Cream Cones,0,Decrease in demand,An increase in income.,D1,D2,Consumer Income Inferior Good,Shifts in the Demand Curve,Prices of Related Goods When a fall in the price of
13、one good reduces the demand for another good, the two goods are called substitutes. When a fall in the price of one good increases the demand for another good, the two goods are called complements.,Table 1 Variables That Influence Buyers,Copyright2004 South-Western,A. iPod的价格下降 B. 音乐下载的价格下降 C. CD价格下
14、降,主动学习 1 需求曲线,25,画出一个音乐下载的需求曲线。在下述情况下需求曲线将如何改变？为什么？,SUPPLY,Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply The law of supply states that, other things equal, the quantity supplied of a good rises when the price of the good rises.,The Supply Curve: T
15、he Relationship between Price and Quantity Supplied,Supply Schedule The supply schedule is a table that shows the relationship between the price of the good and the quantity supplied.,Bens Supply Schedule,The Supply Curve: The Relationship between Price and Quantity Supplied,Supply Curve The supply
16、curve is the graph of the relationship between the price of a good and the quantity supplied.,Figure 5 Bens Supply Schedule and Supply Curve,Copyright2003 Southwestern/Thomson Learning,Price of,Ice-Cream,Cone,0,2.50,2.00,1.50,1.00,1,2,3,4,5,6,7,8,9,10,11,Quantity of,Ice-Cream Cones,$3.00,12,0.50,Market Supply versus Individual Supply,Market supply refers to the sum
