International Baccalaureate Economics (Microeconomics ) Karteikarten am 1.1. Competitive markets: Demand and Supply , erstellt von ntokozoyende am 11/04/2014.
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Erstellt von ntokozoyende
vor etwa 10 Jahre
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Schließen
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Erstellt von ntokozoyende
vor etwa 10 Jahre
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Markets
Product Market
Factor market
Financial markets
Demand
Law of demand
The relationship between an individual consumer's demand and market demand
The demand curve
The demand curve
Non-price determinants of demand (factors which change demand/ shift the curve)
Movement along the demand curve
Reasons for movement along the demand curve
Shift of the demand curve
Reasons for shift of the demand curve
Movement along the curve vs. shift of the curve
The demand function (equation)
Demand curve from linear equation
Slope of the demand curve as the slope of the demand function. (-b is the coefficient of P)
Why does changes in 'a' lead to a shift of the demand curve?
Why does a change in 'b' affect the steepness of the demand curve?
Supply
Law of supply
The relationship between an individual producer supply and market supply
The supply curve
The supply curve
Shift of the supply curve
Reasons for shift of the supply curve
Non-price determinants of supply
Movement along the supply curve
Reasons for movement along the supply curve
Shift of the supply curve vs. movement along the supply curve
The supply function(equation)
Supply curve from linear eqaution
slope of the supply curve as a slope of the supply function (d is the coefficient of P)
Why does 'c' lead to a shift of the supply curve?
Why does 'd' affect the steepness of the curve? (slope)
Market equilibrium
Market equilibrium
Excess demand and supply
Changes in demand and supply affecting equilibrium
Changes in equilibrium price and quantity following changes in demand and supply
Equilibrium price and quantity equation (Qd=Qs)
Demand and supply equations forming equilibrium (point of intersection)
Excess supply: Qd<Qs
Excess demand: Qs<Qd
Price mechanism
Why does scarcity necessitate choices?
Why does choice result in an opportunity cost?
How is price a signalling and incentive function? (Invisible hand-Adam Smith)
Consumer surplus
Consumer surplus(graphed)
Producer surplus
Producer surplus (graph)
Community surplus
Allocative efficiency from society's point of view
Allocative efficiency (illustrated)
