DEMAND AND SUPPLY - NOTES FOR CHAPTERS 3 AND 4 PRINCIPLES OF ECONOMICS - JA
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	Study to find            The role of prices in a market economy             What does DEMAND have to do with the price effect of a product              Why do people by more of a product at a lower price that they do at a higher price?              The relationship between consumer demands and market demands?              The definition of price elasticity of demand and how is it determined?              The difference between the price effect and a change in demand     LECTURE OUTLINE           Role and influence of the consumer in a market economy           Demand and the price effect           The difference between a demand table and a demand curve           Diminishing Personal Value           Diminishing Marginal Utility           Substitute Goods            Market Demand           Effect of Market Demand on Price Elasticity of Demand for goods                 Availability of Substitutes                 Percentage of Budget                 Time                  Elastic v inelastic           Relationship between the Price Effect and Change in Demand                  What it looks like on a curve (p. 41 of the text)           What does a change in income have to do with increase or decrease in demand?           Price Availability of Substitutes           Prices of Complementary Goods           Changes in Weather of Season           Changes in Number of Buyers           Changes in Styles, Tastes, and Habits           Consumer Expectations                              COMPLETE THE STUDY GUIDE FOR CHAPTER 3                      PREPARE FOR THE INTRODUCTION OF OUR CONSULTANT                                          SUPPLY - CHAPTER 4 -JA    Study to find           Definition of Supply           How supply illustrates the price effect           What the relationship of Opportunity Cose has to do with Supply of Goods & Services           Why producers want to sell more of something at higher prices and less at lower ones           What the relationship between Market Supply and Supplies of Individual sellers is           What is the price elasticity of supply, and how is it determined?           What is the difference between the price effect and a change in supply   LECTURE NOTES           Supply and the Price Effect           The Supply Table and the Supply Curve           Meaning of Market Supply           Price Elasticity of Supply           Elastic v. Inelastic Supply            Shifts in Supply           Relationship between the Price Effect and a Change in Supply           Changes in the marginal cost of production           Changes in the number of producers           Changes in expectations                                 COMPLETE THE STUDY GUIDE FOR CHAPTER 4                        PREPARE FOR MR. CIMPERMAN ON  Wednesdays.                                               TEST #2 GIVEN ON OCT. 3
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