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Demand curve

economic principles

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Petroleum politics
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Economic Principles ? PAGE \* MERGEFORMAT ?1? ECONOMIC PRINCIPLES Student?s name Course Name Instructor Institution State/City Date Economic Principles Question two Products made from crude oil There are several products that use crude oil as the main input, some of them include, Petrochemicals, Liquefied petroleum gas, Gasoline, Naphtha, fuel oil, bitumen, and niche products. Ideally, there are many oil producing countries in the world. The top ten largest oil producing countries are as follows: United States, Saudi Arabia, Russia, China, Canada, United Arab Emirates, Iran, Iraq, Mexico, and Kuwait.

Krugman AP MacroEconomics Chapter 7

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economics
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macroeconomics
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Demand curve
supply
Quantity adjustment
AD-AS model
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?? 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

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economics
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demand
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supply
Demand curve
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behavior
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?? 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

AP Economics Chapter 7 Notes

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Economics
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Demand curve
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Price ceiling
supply

Chapter 7 Notes Sect 1 Idea of demand centers on people being both willing and able to pay for a product or service In a market economy, consumers collectively have a great deal of influence on the prices of all goods and services. Demand: The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period. Supply: The amount of a good or service that producers are able and willing to sell at various prices during a specified time period Market: The process of freely exchanging goods and services between buyers and sellers. A market for a particular item or service can be local, national, international, or a combination of these
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