100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary Chapter 3 ~ economics 20th global edition £3.98
Add to cart
Quickly navigate to
Preview
  2.  
  3. Hogeschool Rotterdam (HR)
  4.  
  5. Economics

Summary

Summary Chapter 3 ~ economics 20th global edition

2 reviews
 0 purchase
  • Module
  • Economics
  • Institution
  • Hogeschool Rotterdam (HR)
  • Book
  • Sw: Economics, Global Edition With Connect Plus With Learnsmart 1080 Day Card

Summary is coming from the book, economics 20th global edition. In the summery is structured per paragraph including images/graphs and the corresponding explanation formulated in bulled points. Potential formulas are noted down clear

Preview 1 out of 5  pages

Document information

  • No
  • Chapter 3
  • August 18, 2018
  • 5
  • 2017/2018
  • Summary

Subjects

  • ibms
  • ecomomics
  • business understanding
  • economics 20th global edition
  • international business management studies
  • chapter 3 economics 20th global edition

Connected book

book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:

Written for

  • Hogeschool Rotterdam (HR)
  • International Business and Management Studies
  • Economics
All documents for this subject (12)

2  reviews

review-writer-avatar

By: rick-k • 5 year ago

review-writer-avatar

By: xmiloujanssen • 6 year ago

Seller

avatar-seller
Fleurultee

Reviews received

Content preview

Economics Block 1 Chapter 3 Summary

LO3.1 characterize and give examples for markets
Market:
 Interactions between the buyer (deemandeers an dee seller (suppliers
 Markets can be  local, national, international
 Price  is deiscoverede in the interactions oo buyer ande seller

LO3.2 describe demand and explain how it can change
Demand:
 Displayede in schedeule or a deemande curve
 Shows the various amount oo a prodeuct that consumers are willing ande able to
purchase to goodes
o Amount consumers are willing ande able to purchase at a given price
o Willing ande able to buy  because only willingness is not efective in the
market
 Other things equal
 Indeivideual deemande
 Market deemande

Law of demand
 = other things equal  price oalls  the quantity deemandeede rises  ande as price
rises  the quantity deemande oalls
 Explanations
o Price acts as an obstacle to buyers
o Law oo deiminishing marginal utility
 Big mac  the seconde BM will yielde less satisoaction than the frst ect.
o Income efect ande substitution efect

Income effects occurs as a lower price increases the purchasing power oo money
income; this enables the consumer to buy more at a lower price (or
less at a higher price without having to redeuce consumption oo
other goodes.
Substitutions effect when a lower price gives an incentive to substitute the lower-pricede
goode oor the now relatively higher-pricede goodes.


The demand curve:
 Illustrates the inverse relationship between price
ande quantity
 Downwarde slope a lower quantity  high price
 Higher quantity  lower price
o = both the law oo deemande

Market demand

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Fleurultee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £3.98. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65040 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

PSYC 3302 || with 100% Verified Solutions.

Summary ·

(0)

Samenvatting boek economie vandaag 2017

£3.98
  • (2)
Add to cart
Added