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Economic project

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tim seals

on 16 October 2012

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Transcript of Economic project

The Demand curve, Law of Demand,Substitution effect and Income effect Tim Seals
5th hour Chapter 4,5,& 6 project The Law of Supply A demand curve shift happens when 4 things predominalty change
1.Changes in income
2.Consumer expection
3.Changes in population
4.Consumer taste and advertising The Demand curve shift by raising or lower can encourage or discourage an entrepreneur or an industry within the country or abroad. Goverment Influnce on Supply Explanation of Equilibrium and Disequilibrium The understanding of the two Excess Demand & Supply The understanding of the two Price ceilings & Price Floors Explained Advantages of prices What it is and how it was created The Black Market The End The law of demand states
1.When a good price is lower,consumers will buy more
2.When a goods price is higher,consumers will buy less The Demand curve
The demand curve is the grapical representation of the demand schedule The Substitution effect & The income effect The Substitution Effect
When consumers react to an increase in a good's price by consuming less of that good and more of other goods The Income Effect
Is the change in consumpton resulting from a change in real income Explaination of Complement and Substitute Goods Complement Goods
Is a good with a negetive cross elasticty effect of demand Substitute Goods
Is a good with a positive cross elasticty effect of demand The Law of Supply
states that the higher the price, the larger the quantity produced The Supply Curve
the grapical representation of the Supply schedule Elasticity of Supply
Reponsiveness of produce to changes in thier goods and service Shifts in the Supply curve occurs whenever some factor that affects the supply of the good, other than its price, changes. Equilibrium
The point on a graph where supply and demand meet Disequilibrium
Occurs when quantity supplied is not equal to quantity demanded Excess Demand
When Demand is more than quantity supplied Excess Supply
Occurs when quantity suppled exceeds quantity demanded Price Floors
Offered to help lower income households get affordable housing
Problems include long waiting list,discramation,and bribery Price floor
The wage is set above the equilibrium price,there will be a surplus in labor
More people will be looking for jobs (1) The market gives producers an incentive to produce goods that consumers want.
(2) The market provides an incentive to acquire useful skills.
(3) The price system encourages producers and consumers to conserve scarce resources.
(4) Competition pushes businesses to be efficient: keeping costs down and production high.
(5) The market system involves a high degree of economic freedom. the illicit buying and selling of goods in violation of legal price controls, rationing, etc. A black market is created by
1.criminal acts
2.the illegal economy
3.the unreported economy
4.the unrecorded economy
5.the informal economy
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