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Econ251

Macro economics chpt3

QuestionAnswer
4 Market participants Consumers, Businesses, Gov, inter participants
Consumers Goal:To purchase the most goods that make them happy Cons: Lack of money
Businesses Goal:To make as much money as possible by selling goods and services Cons: scare resources
Gov agencies Goal:to produce desired public goods and services and the redistribution of wealth Cons: Limited resources
International participants To profit to sell and to aquire goods
Maximization behaviour Making profit and welfare maximization explains most market activities
Two Market drivers that drives buying and selling Inability and limitations of resources to produce all we need.
Circular flow Includes 4 market participants
2 markets in the circular flow Factors market& products market
Factor market is? Where factor of production are exchanged. Land/Labour/Capital/ bought and sold
Product market is? Where consumer buys their stuff this can include gov and international participants
Product Market Def. Anyplace where finished goods are bought and sold
Government participants buy from? the factor market to produce goods and services to the public
The consumer is? The final recipient of all goods and services
Opportunity cost The most desired goods and services that are given up in order to obtain something else
Suppliers Seller providers of goods and services
Do business enter the factor market? Yes they enter the factor market to hire or aquire capital to make products that are supplied to customers
Supply Def. The ability and willingness to sell and produce goods and services at alternative prices( ceteris paribus)
Demand Def. The ability and willingness of customers to buy specific quantitied of goods and services
Low prices of goods drives demand T or F? Answer: True The low price signal drives demand
High prices of goods lowers demand T or F? Answer: True when prices rise deman retracts
Demand schedule A table showing the quantities of good or service a consumer is willing and able to buy
Demand curve shows? The quantities of a good that a consumer is willing and able to purchase at any given price
A demand is cure is a positive or negative slope? A downward slope or a negative slope
Law of demand The amount of goods/services demanded in a given time period that increases as the price fall ( Ceteris Paribus)
Determinants of Markets The willingness of a consumer to buy depending on Taste/income/expectations income/ number of buyers
Ceteris Paribus The assumption of nothing changing ( determinants)
Demand movement Vs Shift Demand A buying shift occurs to the right when a determinant changes regardles of the set price. A movement downwards signals a reduction in supply prices thus increasing demand
Market Supply The total quantities of a good/service that sellers are willing and able sell for at various prices
Determinants of supply to make a seller sell set prices Tech/Factor/Taxes/Expectation/number of seller competition
Law of supply larger quantities of goods and services will be offered for sale at high prices
As more supply is needed to fuel demand the price must also go up T or F? Answer: True
Equilibrium The price at which the quantity of a good in any given time period equals the quantity supplied
Created by: brsoul1
 

 



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