曼昆经济学原理 Chap_04.ppt

The Market Forces of Supply and Demand Chapter 4 Copyright ? 2001 by Harcourt, Inc . All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department, Harcourt College Publishers, 6277 Sea Harbor Drive, Orlando, Florida 32887-6777. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. LEARNING OBJECTIVES: By the end of this chapter, students should understand: n what petitive market is. n what determines the demand for a good in petitive market. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. n what determines the supply of a good in petitive market. n how supply and demand together set the price of a good and the quantity sold. n the key role of prices in allocating scarce resources in market economies. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. The Market Forces of Supply and Demand u Supply and demand are the two words that economists use most often. u Supply and demand are the forces that make market economies work. u Modern microeconomics is about supply, demand, and market equilibrium. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Markets u A market is a group of buyers and sellers of a particular good or service. u The terms supply and demand refer to the behavior of people . . . as they interact with one another in markets . Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Markets u Buyers determine demand . u Sellers determine supply . Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Market Type: petitive Market A competitive market is a market. . . ? with many buyers and sellers. ? that is not controlled by any one person. ? in which a narrow range of prices are established that buyers and sellers act upon. Harcourt, Inc. items and derived items copyright ? 2001 by Harcourt, Inc. Competition: P