Summary
Summary - Economics 110 (EKN110)
- Course
- Economics 110 (EKN110)
- Institution
- University Of Pretoria (UP)
A summary of chapter 5 which speaks on supply, demand, and market equillibrium
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Chapter 5 3rd ed 2021 overviewDemand
Overview: Demand refers to the various amounts of a product that
consumers are willing to purchase at each of a series of possible
prices during a specified period of time. Demand shows the quantities
of a product that will be purchased at various possible prices, with
other factors held constant.
Defi nition of Demand: Demand is the various amounts of a product
that consumers are willing to purchase at each of a series of possible
prices during a specified period of time.
Demand Determinants:
o Income
o Prices of related goods (substitutes and complements)
o Consumer tastes and preferences
o Number of consumers
o Consumer expectations
Demand Schedule: A table that shows the different quantities of a
good that consumers are willing and able to purchase at various
prices during a given time period.
Law of Demand: The principle that, other things equal, the quantity
demanded of a good falls as the price of the good rises, and vice
versa.
Individual Demand: The demand for a good or service by a single
consumer.
Market Demand: The sum of the individual demands for a good or
service.
Market Equilibrium
Overview: Market equilibrium refers to the price and quantity where
the intentions of buyers and sellers match, resulting in the quantity
demanded being equal to the quantity supplied.
Equilibrium Price:
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