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CHAPTER3

MARKETS

ChapterOverview

Bythetimestudentsreachofthiscourse,theyshouldbequitefamiliarwiththewords

supplyanddemand.Wetakeourtimeonthissubjectforgoodreason:Anunderstandingof

supplyanddemandisthefoundationofeconomicproblemsolving.Studentswillbehard-

pressedtomakewiseeconomicchoiceswithoutit.Althoughmarketsarenotalwaysperfectly

competitive,theymaybesurprisedathowaccuratelymanyreal-worldphenomenacanbe

describedusingthesimplerulesofsupplyanddemand.Inthenextchapterswe’llusethese

rulestoexplainhowconsumersandproducersrespondtopricechangesandgovernment

policies.

LearningObjectives

LO3.1:Identifythedefiningcharacteristicsofacompetitivemarket.

LO3.2:Drawademandcurveanddescribetheexternalfactorsthatdeterminedemand.

LO3.3:Distinguishbetweenashiftinandamovementalongthedemandcurve.

LO3.4:Drawasupplycurveanddescribetheexternalfactorsthatdeterminesupply.

LO3.5:Distinguishbetweenashiftinandamovementalongthesupplycurve.

LO3.6:Explainhowsupplyanddemandinteracttodrivemarketstoequilibrium.

LO3.7:Evaluatetheeffectofchangesinsupplyanddemandontheequilibriumpriceand

quantity.

ChapterOutline

OPENINGSTORY:MOBILESGOGLOBAL

Markets

WhatIsaMarket?

WhatIsaCompetitiveMarket?(LO3.1)

Demand

TheDemandCurve(LO3.2)

DeterminantsofDemand

BOXFEATURE:REALLIFE–CANINSTANT-NOODLESALESPREDICTARECESSION?

ShiftsintheDemandCurve(LO3.3)

Supply

TheSupplyCurve(LO3.4)

DeterminantsofSupply

ShiftsintheSupplyCurve(LO3.5)

MarketEquilibrium

ReachingEquilibrium(LO3.6)