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Economic surplus

Krugman AP Macro Economics Chapter 8

Subject: 
Economics
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Pricing
economics
Business
marketing
Price ceiling
Price floor
Economic shortage
Economic equilibrium
Supply and demand
Price controls
Economic surplus
Price
behavior
Human development
Computing
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Interpersonal relationships
Psychoanalysis
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?? Chapter 8: Supply and Demand: Price Controls (Ceilings and Floors) Price controls: legal restrictions on how high or low a market price may go, government action in economy price ceiling: a maximum price sellers are allowed to charge for a good or service price floor: a minimum price buyers are required to pay for a good or service. Assumption: the markets in question are efficient before price controls are imposed price controls in inefficient markets don?t necessarily cause problems and can potentially move the market closer to efficiency Price Ceilings ? Push Prices down Price Ceiling: suppliers have less incentive to offer apartments less of a good are produced Consumer have higher demand shortage of good

Krugman AP MacroEconomics Chapter 7

Subject: 
Economics
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economics
demand
Consumer theory
macroeconomics
Pricing
Supply and demand
Economic equilibrium
Economic surplus
Demand curve
supply
Quantity adjustment
AD-AS model
Politics
Business
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
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Portable Document Format
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Technology

?? Chapter 7: Supply and Demand: Changes in Equilibrium ? substitutes: if the price of good1 rises, the demand for good2 will increase if the price of good1 falls, the demand for good2 will decrease An increase in demand leads to a rise in both the equilibrium price and the equilibrium quantity. A decrease in demand leads to a fall in both the equilibrium price and the equilibrium quantity. Increase in demand: rightward shift of the demand curve market is no longer in equilibrium shortage: quantity demanded exceeds quantity supplied price rises increase in the quantity supplied upward movement along the supply curve new equilibrium When demand for a good or service increases, the equilibrium price and the equilibrium quantity of the

Krugman AP Macro Economics Chapter 6

Subject: 
Economics
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economics
Pricing
Terminology
demand
Consumer theory
Supply and demand
Economic equilibrium
supply
Demand curve
Economic surplus
Market clearing
Price
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
Attachment theory
Technology
Business

?? Chapter 6: Supply and Demand: Supply and Equilibrium ? quantity supplied actual amount of a good or service producers are willing to sell at some specific price the quantity that producers are willing to produce and sell depends on the price they are offered supply schedule shows how much of a good or service producers will supply at different prices works same as the demand schedule -,-l supply curve shows the relationship between quantity supplied and price law of supply says that, other things being equal, the price and quantity supplied of a good are positively related if price goes up, production of a good (quantity) goes up supply curves slope upward: the higher the price being offered, the more of any good or service producers are
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