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Lecture Essentials of Economics: Chapter 3 - Bradley, Cynthia Hill

Chapter 3 "Supply and demand", after reading this chapter, you should be able to: Explain why people participate in markets, describe what market demand and supply measure, depict how and why a market equilibrium is found, illustrate how and why demand and supply curves sometimes shift, explain how market shortages and surpluses occur. | Chapter 3 Supply and Demand Market and Interactions A market is any place where goods are bought and sold and includes the interaction of all buyers and sellers. We must interact because we have a limited amount of time, energy, and resources, so we can’t produce everything we desire. 3- Agreements in any market must be reached by millions of participants according to each participant’s decision-making. The Two Markets Factor Market: Any place where factors of production (land, labor, capital, and entrepreneurship) are bought and sold. Product Market: Any place where finished goods and services (products) are bought and sold. 3- Businesses are buyers in the factor market and sellers in the product market; consumers (and to an extent, governments and other businesses) are buyers in the product market. Consumers (as the ultimate owners of resources) are sellers in the factor market. Figure 3.1 3- It might be worthwhile to trace this flow and then trace the payments (which flow the other way). Product Market Consumers buy and producers sell in the product market. Imports and exports are also a part of the product market. Governments supply goods and services in product markets. 3- This summarizes the product market. Locating Markets A market exists wherever and whenever an exchange takes place. 3- An auction, a retail store, or the stock exchange are all examples of markets. A market might be face-to-face or it might be electronic, like eBay. Supply and Demand Market transactions require two sides: Supply People supply labor in the factor market. Firms supply goods and services in the product market. Demand People demand goods and services in the product market. Firms demand factors of production in the factor market. 3- Supply refers to the producers’ or sellers’ side while demand refers to the consumers’ or buyers’ side. Supply – The ability and willingness to sell (produce) specific quantities of a good at . | Chapter 3 Supply and Demand Market and Interactions A market is any place where goods are bought and sold and includes the interaction of all buyers and sellers. We must interact because we have a limited amount of time, energy, and resources, so we can’t produce everything we desire. 3- Agreements in any market must be reached by millions of participants according to each participant’s decision-making. The Two Markets Factor Market: Any place where factors of production (land, labor, capital, and entrepreneurship) are bought and sold. Product Market: Any place where finished goods and services (products) are bought and sold. 3- Businesses are buyers in the factor market and sellers in the product market; consumers (and to an extent, governments and other businesses) are buyers in the product market. Consumers (as the ultimate owners of resources) are sellers in the factor market. Figure 3.1 3- It might be worthwhile to trace this flow and then trace the .