Understanding markets-R1

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1、Understanding+Markets+How$the$Government$Estimates$UnemploymentCharles+N.+Anderson+$©Copyright$2011$by$Charles$N.$Anderson.$1$All$Rights$Reserved.$The+Law+of+Demand+and+Supply$I.+The+Law+of+Demand+Definition:If$the$price$of$a$good$or$service$falls$(rises),$ceteris$paribus,$then$the$quantity$deman

2、ded$will$increase$(decrease).$KeyTerms1.$Demand'refers$to$a$relationship$between$the$schedule$of$prices$for$a$good$or$service$and$the$quantity$demanded$at$each$price.$$2.$Quantity'demanded$$refers$to$a$specific$quantity$at$a$given$price.$$(Hint:$whenever$you$say$"quantity$demanded",$you$are$alway

3、s$$referring$to$the$number$of$units$demanded$at$a$given$price.)$3.The$price$of$a$good$or$service$is$sometimes$referred$to$as$"own'price".$4.$Ceteris'paribus:$Latin$for$"all$else$equal".$$2$©Copyright$2011$by$Charles$N.$Anderson.$All$Rights$Reserved.$The+Law+of+Demand+and+Supply$II.+The+Law+of+Sup

4、ply+Definition:If$the$price$of$a$good$or$service$rises$(falls),$ceteris$paribus,$then$the$quantity$supplied$will$increase$(decrease).$$KeyTerms1.$Supply$refers$to$a$relationship$between$the$schedule$of$prices$for$a$good$or$service$and$the$quantity$supplied$at$each$price.$$$$2.$Quantity'supplied+r

5、efers$to$a$specific$quantity$at$a$given$price.$$(Hint:$whenever$you$say$"quantity$supplied",$you$are$always$referring$to$the$number$of$units$supplied$at$a$given$price.)$3$©Copyright$2011$by$Charles$N.$Anderson.$All$Rights$Reserved.$The+Law+of+Demand+and+Supply$III.+Important+Concepts+We+must+diff

6、erentiate+between+the+two+types+of+demand+and+the+two+types+of+supply.+++Types+of+Demand+¾There$is$a$demand$that$affects(price,$and$a$demand$that$is$affected(by(price.$$$Types+of+Supply+¾There$is$a$supply$that$affects(price,$and$a$supply$that$is$affected(by(price.($$$$4$©Copyright$2011$by$Charles

7、$N.$Anderson.$All$Rights$Reserved.$The+Law+of+Demand+and+Supply$III.+Important+Concepts,+Continued'It+is+essential+to+understand+the+difference+between+a+shift+in+a+curve+and+a+movement+on+the+curve.+For+example:+ʹA$ri