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Supply and Demand Lecture Notes

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Supply/Demand Notes (In-Class Lecture) Demand- Demand: The amount of a good/service that consumers are willing and able to buy at a given price and time. Price is a big factor is quantity demand; lower prices means the demand is higher, while higher prices means the demand is lower Example: Polo Shirts at $18.99 = Higher QTY. Demand Polo Shirts at $38.99 = Lower QTY. Demand Lower prices mean more buying^^ Law of Demand: An increase in a good?s price causes a decrease in qty. demanded Elastic Demand: A small change in price which affects qty. demand Example: Fast Food Coupons that are given out via mailing (restaurants experience more qty. demand/customers during this time because of lower prices the coupons offer) *Are all goods considered elastic?

Chapter 6: Markets, Maximizers, & Efficiency Notes

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Economics Chapter 6: Markets, Maximizers, and Efficiency Start Up: A Drive in the Country Suppose you decide to take a drive. For purposes in this example, we?ll assume that you have a car, that the weather is nice, and there?s an area nearby that?ll be perfect for the drive. Your decision to take a drive is a choice. Since economics deal w/ choices, we can put econ. To work in thinking about it. Economists assume that people make choices that maxes utility Utility is the satisfaction you gain from your use of goods/services and from activities you do You plan to enjoy the drive; the enjoyment is the benefit you expect. But, you?ll give up some things as well.

macroeconomics spring exam, questions and answers

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Name: _________________________________ Days/Times Class Meets: ___________ Today?s Date:__________ 1 Macroeconomics, Spring 2008, Final Exam, several versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card you must print three things: 1) Print your full name clearly; 2) Print the day and time of your section (for example TTh 7 AM); 3) Print the number I have written in ink on the upper right corner of your copy of this test. (This number tells me which version of the test you have. Without it your test cannot be graded properly and you get no credit for your answers.) II) Answer on your Scantron card, using a #2 pencil. Warning: SOME QUESTIONS MUST BE ANSWERED SEVERAL TIMES!

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Chapter 11 Industry 1) Approximately three-fourths of the world's industrial production is concentrated in four regions. Which of the following is ?not? one of these four regions? A) Eastern North America B) Eastern Europe C) Northwestern Europe D) East Asia E) Eastern South America Answer: E 2) The Industrial Revolution began in A) Great Britain. B) Japan. C) Russia. D) the United States. E) the Fertile Crescent. Answer: A 3) Geographers recognize that connections are important to explain why a particular place is suitable for industry. Connections refers to A) where the markets for the product are located. B) where the resources needed to make the product are located.
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