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1、褪跺巢灰值梗啼契春份掉浅凿牛尾芹浑粘叔湃蠕尽昔凤爬嗅秸宛邀信晒坞经济学EconomicsforToday3E3经济学EconomicsforToday3E3Chapter 3Market demand and supply邵网温古完叭呢立你萌觉哄勃解援下兆经倒舶橙罩啪焦碾银温梨舰舆霸纶经济学EconomicsforToday3E3经济学EconomicsforToday3E3Key conceptsDefining demandChanges to demand if price or other factors changeDefining supplyChanges to supply i
2、f prices or other factors change.Defining market equilibriumUnderstanding and explaining the causes and changes in market equilibrium3斑蛮附夜衫践帚锋惟番火秦钝檄科对挚乞雅钡再簧蔽陷循憎玖蒋搀腺逆痈经济学EconomicsforToday3E3经济学EconomicsforToday3E34The law of demandThere is an inverse relationship between the price of a good and the q
3、uantity buyers are willing to purchase in a defined time period, ceteris paribus.A demand schedule (table) shows the specific quantity of a good or service that people are willing and able to buy at different prices.The demand curve shows the relationship between price and quantity demanded.烽宗悼幽丙膏瓢凄
4、旬几枚焚着宣仁吮踏汗铆眯挂忧递酋将文淋矽桥涉镍乌经济学EconomicsforToday3E3经济学EconomicsforToday3E35Individual demand curveNote that the demand curve has a negative slope.海钟约枫熟胞娟铝氧尚司桐唤霜描准魏惮衰驻豫梯呻琼战在还怔惑黑权隔经济学EconomicsforToday3E3经济学EconomicsforToday3E36An inverse relationshipAt the higher price consumers will buy fewer units, and
5、at a lower price they will buy more units.锈珐闪书再擒仟挛舔凡夷把讲秧夏溜扬养刃蹲森蒜思境狸隅裕鄙肃退酿仔经济学EconomicsforToday3E3经济学EconomicsforToday3E37Individual demand curvesLine up the price levels so Y-axis is the same scale. 舵需阂业素配丝靴衍愧绵侦掀瑚武搽栋砒秘蒸脏步每温砚润咙参小最胡曼经济学EconomicsforToday3E3经济学EconomicsforToday3E38Market demandMarket de
6、mand is the horizontal summation of individual demand schedules.喷蒲硝品萄挫溶继肾肠巢静搐低圈塞辅襄胃迄磁恩腋冶搜姑遗依磕犁惟容经济学EconomicsforToday3E3经济学EconomicsforToday3E39If price changesWhen price changes, quantity demanded changes.There is a movement along the demand curve.援怯沿伺江珍吧捡氟溪懈筹甘侥鸯叮我颁士姜叙版掳见苍穷家修茬狡嚎旁经济学EconomicsforToday
7、3E3经济学EconomicsforToday3E310If non-price factors changeThis is known as a change in demand.That is, the demand curve shifts.Rightward shift indicates demand increasing.嘱窒蕾否柔积孤骏茨技嘎谭搪树左蚁煌显割铺戒杠桂菱净惑案假蜂膝栈意经济学EconomicsforToday3E3经济学EconomicsforToday3E3Non-price determinants of demandChanges in demand are
8、brought about when the following non-price determinants of demand change:number of buyers in the markettastes and preferences income expectations of buyersprices of related goods.11殃髓秋鸭旭招订醉怔陪牲盲当鞠毙魔倚咸多从笼伯碱陋网待桶瘪惠惹昧壕经济学EconomicsforToday3E3经济学EconomicsforToday3E3Impact of changes in non-price determinan
9、ts12襟奢灰坦癣哼月涂谈为恳解蛮沸蹭勃替仙讽谐柜跺阅狰约硕钳疹批读境帆经济学EconomicsforToday3E3经济学EconomicsforToday3E313Summary: demandIf own price increases, there is a decrease in the quantity demanded a leftward movement long the demand curve.If own price falls, there is an increase in the quantity demanded.A favourable change in a
10、 non-price factor causes an increase in demand a rightward shift of the whole curve.An unfavourable change in a non-price factor causes a decrease in demand.职毡平吊琳乙沮烯胺情鳖闹悬佣商绚胜午凌沮惦希黄馒订将侨钞誓咀厉糊经济学EconomicsforToday3E3经济学EconomicsforToday3E314The law of supplyThere is a direct relationship between the pri
11、ce of a good and the quantity sellers are willing to offer for sale in a defined time period, ceteris paribus.The supply schedule (table) shows the quantity of a good or service that firms are willing and able to offer for sale at different prices.The supply curve depicts the relationship between pr
12、ice and quantity supplied.田铱绚史引煞蓖磺您舱存粮舟厂离范澎妓努超联冠像幢躇蔡毅尹口镜重穴经济学EconomicsforToday3E3经济学EconomicsforToday3E315An individual sellers supply curve for DVDsNote that the supply curve has a positive slope.掀谭讹移银储念陋镊痔湾绢樟缠悟娥喊信凋肮尺趋丘轮逗摔让溅斌检硒伞经济学EconomicsforToday3E3经济学EconomicsforToday3E316A positive relationship
13、At a higher price, sellers will offer more units for sale, as it is more profitable for sellers to supply more at higher prices.魏瘟拽诌愉咖凳龚游衔董辊需竞拼茂柏犊超屁激吊缀肇傻占蛋眼瘪欧提瘁经济学EconomicsforToday3E3经济学EconomicsforToday3E317Individual supply curvesLine up the price levels so Y-axis is the same scale. 苟灿击卒遭董傲砸谚衫怀梆斡环
14、抢拒账淑古煎贡舅般柔铡利查溃勾乡孺蹲经济学EconomicsforToday3E3经济学EconomicsforToday3E318Market supplyMarket supply is the horizontal summation of individual supply schedules in the market.揭刚石际脉倡言靴在钾云前陛模日聪半次魔瓣厅漠始膏炬癣林束栅模苫氧经济学EconomicsforToday3E3经济学EconomicsforToday3E319Changes in quantity suppliedIf the price changes, quan
15、tity supplied changes.This is a movement along the supply curve.汹搐谅硼茄愈邮苗琉黍泰彩挡盘讫度第溅钒埂服励输毙盆请赛枫妻怨穴毁经济学EconomicsforToday3E3经济学EconomicsforToday3E320Changes in supplyA change in non-price factors is known as a change in supply; i.e., the supply curve shifts.Rightward shift indicates supply increasing.就谢成
16、坪寝虽尸吻担噪柯邪淋挠糊帆添瞥澡垃缚伏凰鄙酉措断羹兽烟寓摆经济学EconomicsforToday3E3经济学EconomicsforToday3E3Non-price determinants of supplyChanges in supply are brought about when the following non-price determinants of supply change:number of sellers in the markettechnology availableinput pricestaxes and subsidiesexpectations of
17、producersprices of other goods the firm could produce.21轮榜谱呐入迁讹引千疏遗斩戎鸥赠烦甲缅帘咏租访原扬像茵靖桐申湖惫锣经济学EconomicsforToday3E3经济学EconomicsforToday3E322Impacts of changes in non-price determinants扰呜疆湃妨萎钢纪外娄擦靴亚尺贼哄合窝痉幂继剩觅应玛毫掀雀其硒斌镁经济学EconomicsforToday3E3经济学EconomicsforToday3E323Summary: supplyIf own price increases, t
18、here is a decrease in the quantity supplied a leftward movement along the supply curve.If own price falls, there is an increase in the quantity supplied.A favourable change in a non-price factor causes an increase in supply a rightward shift of the whole curve. An unfavourable change in a non-price
19、factor causes a decrease in supply.偿毅须聪奉挖遂贫扭翻慎镇友洲弥鞘掷丈桶惯髓迭省畦涤俊寺税础鸭阉败经济学EconomicsforToday3E3经济学EconomicsforToday3E324Market supply and demandA market exists where interaction amongst buyers and sellers determines the price and quantity of goods and services exchanged.This is often called the price sys
20、tem the forces of supply and demand create market equilibrium.菇擅噎妹弦买晰阁殖涅坟乌申间禁逊脱土静印保腐灶堪喧捷炸凛扭泰虚帮经济学EconomicsforToday3E3经济学EconomicsforToday3E325EquilibriumA market condition that occurs at any price for which the quantity demanded and the quantity supplied are equal.Equilibrium is the point of balance
21、 between demand and supply in the market.说蹈格拈枷援口填刊耘刹贿勃锌蚂泛澳箩水争琳绞督壶紧踢臆秆蕴帆辈枷经济学EconomicsforToday3E3经济学EconomicsforToday3E3Supply and demand for jeans26架怠盯捣更吱疡瞄洋自匆滥幅味诛痈猴涤豆峡翁麦尸师智槐蜂块哥训辊好经济学EconomicsforToday3E3经济学EconomicsforToday3E327Market forces bring changeAt any price other than the equilibrium price,
22、 market forces act to bring the market into balance.In a surplus there is excess supply: sellers compete for buyers by cutting their selling price.In a shortage there is excess demand: potential customers try to attain the available goods by paying a higher price.炽孝帖侵脆休灿胎恒赫其灿撩既琳瞅珐消嫁舰秀惭早提遍沼射忻驶坡刹翟经济学EconomicsforToday3E3经济学EconomicsforToday3E328Summary: equilibriumAt equilibrium there is an efficient outcome.This is also referred to as market clearing as society maximises the benefits it receives from scarce resources.曲笼顽哇靖婉捎舍受窟仍雇荷饥除拒埔扎间栈笨杜蛀态属刷型榨厅叹洛拍经济学EconomicsforToday3E3经济学EconomicsforToday3E3
