section 2. – the quantity of goods that are sold at a specific price. the quantity of goods that...

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ECONOMICS Section 2

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Page 1: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

ECONOMICSSection 2

Page 2: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Supply

Page 3: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Supply

– the quantity of goods that are sold at a specific price.

The quantity of goods that are produced/exist

Page 4: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Supply Curve

Page 5: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Supply Examples?

Page 6: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Law of Supply

As the price of any product goes up, more people are willing to produce that product.

Page 7: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Demand

Page 8: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Demand

the willingness of consumers to buy a specific good at a specific price.

how much of an item people want

Page 9: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Demand Curve

Page 10: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Demand Examples?

Page 11: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Law of Demand

As the price of any product goes up, less people are willing to buy that product.

Page 12: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Supply and Demand/Equilibrium Price

Page 13: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Equilibrium Price

– quantity demanded equals quantity supplied. The amount of goods put out for sale is equal to the amount of goods that people buy. The point where the supply curve and the demand curve meet. There is no shortage or surplus.

Page 14: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Shortage

Page 15: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Shortage

the amount of a product that people want to buy that is unavailable. When there is not enough of a certain good. Price Goes Up.

Page 16: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Shortage Examples?

Page 17: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Surplus

Page 18: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Surplus

– the amount of a product that is unsold. When there is too much of a certain good.

Price Goes Down.

Page 19: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Surplus Examples?

Page 20: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Value

Page 21: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Value

what something is worth in exchange for something else.

Page 22: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Value Continued

This is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person.

Page 23: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Value Continued

Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

Page 24: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Value Examples?

Page 25: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Price

Page 26: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Price

the amount of money it takes to purchase something

Page 27: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Price Examples?

Page 28: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Competition

Page 29: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Competition

the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers.

Page 30: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Competition

Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price

Page 31: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Competition

Competition benefits the consumer.

Benefits of Competition: Lower Prices Higher Quality of Goods Bigger selection of goods

Page 32: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Competition Examples?

Page 33: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Development

The process of improving living conditions of people through knowledge and technology

Page 34: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Development Examples?

Page 35: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

More Developed Countries (MDCs)

Countries with high levels of development

Page 36: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

MDC Examples?

Page 37: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Less Developed Countries

Countries in an earlier stage of development

Page 38: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

LDC Examples?

Page 39: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Substitute Goods

Page 40: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Substitute Goods

One of two goods that could replace each other. If the price of a good goes up, the demand of a substitute for that good would go up.

Page 41: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Substitute Goods Examples?

Page 42: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Complementary Goods

Page 43: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Complimentary Goods

goods that ‘go together’. An increase in the price of one good leads to a decrease in demand for the other good.

Page 44: Section 2. – the quantity of goods that are sold at a specific price. The quantity of goods that are produced/exist

Complimentary Goods Examples?

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