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Economics Notes

The document outlines the basic principles of supply and demand, defining supply as the quantity of goods producers are willing to sell and demand as the quantity consumers are willing to buy. It explains that prices are determined at the equilibrium point where supply equals demand and discusses how shifts in demand and supply curves affect market behavior. Understanding these principles is essential for analyzing market dynamics.

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4 views1 page

Economics Notes

The document outlines the basic principles of supply and demand, defining supply as the quantity of goods producers are willing to sell and demand as the quantity consumers are willing to buy. It explains that prices are determined at the equilibrium point where supply equals demand and discusses how shifts in demand and supply curves affect market behavior. Understanding these principles is essential for analyzing market dynamics.

Uploaded by

alexhu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Economics Class Notes: Principles of Supply and Demand

1. Supply and Demand Definitions

- Supply: The quantity of goods that producers are willing to sell.

- Demand: The quantity of goods that consumers are willing to buy.

2. Price Determination

- Prices are set where supply equals demand (equilibrium point).

3. Shifts in Curves

- Increase in demand shifts the curve rightward; decrease shifts it leftward.

- Increase in supply shifts the curve rightward; decrease shifts it leftward.

4. Importance

- Understanding supply and demand helps explain market behavior.

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