Supply and demand chapter 18 check 3
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Supply and Demand Chapter 18 Check 3. Yeee haaa!!! I love notes!!!! Write everything in yellow. That will pretty much be everything. Draw this chart on your paper. A Demand Schedule. - How much consumers are willing to buy at various prices. A Supply Schedule.

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Supply and demand chapter 18 check 3
Supply and Demand Chapter 18 Check 3

  • Yeee haaa!!! I love notes!!!!

  • Write everything in yellow. That will pretty much be everything.



A demand schedule
A Demand Schedule

-How much consumers are willing to buy at various prices


A supply schedule
A Supply Schedule

-How much sellers are willing to sell at various prices


Equilibrium
Equilibrium

-Point of balance between price and quantity


Buyers will find on shelves at equilibrium
buyers will find on shelves at equilibrium…..

-There will be ample supply on shelves


Firms businesses will find at equilibrium
firms/businesses will find at equilibrium….

-There will be enough buyers for their goods


Disequilibrium occurs when
Disequilibrium occurs when…

-When quantity supplied is not equal to quantity demanded


Excess demand is
Excess Demand is….

-Quantity demanded is more than the quantity supplied


What will happen to customers at excess demand
What will happen to customers at excess demand?

-They will have to wait in long lines or not get the product they want



Excess supply
Excess Supply

-Quantity supplied exceeds the quantity demanded


The cause of excess supply
The cause of excess supply..

-High prices or excess or over production


What will customers do at excess supply
What will customers do at excess supply?

-Buy less or buy an alternative


Price ceiling
Price Ceiling

-Maximum price set by law that sellers can charge for a good or service


An example of a price ceiling is
An example of a price ceiling is...

-Rent Control, can only charge so much


Problems that price ceilings cause
problems that price ceilings cause

  • -Reduces quantity and quality

  • -Waiting lists, discrimination, and bribery


  • Price floors
    Price Floors

    -Minimum price set by the government that must be paid


    Example
    Example…..

    -Minimum Wage


    If price floors are set wrong
    if price floors are set wrong……

    -Decrease in employment and benefits

    -Prices of products increase sharply


    The government tried to work price floors into agriculture in past years
    The government tried to work price floors into agriculture in past years…

    -Minimum price set, but if it goes below then the government creates demand by purchasing excess crops


    Now a better idea
    Now, a better idea…. in past years…

    -Provides emergency financial aid to farmers