Основы экономики. Земскова Л.П. - 8 стр.

   Moreover, economics studies human behavior, which varies among people
   and over time.

KEY TERMS

Model
Graph
Theory
Economic variable
Data
Circular flow of income
Factors of production
Dollar amount
Price level
Price index
Consumer price index (CPI)
Nominal gross national product (GNP)
Real gross national product
GNP deflator
Relative and real prices
Percentage change
Growth rate
Inflation rate

PROBLEMS

1. You have the idea that crime may be related to economic factors. In
   particular, you believe it may have something to do with people not getting
   jobs. (a) How would you test your idea? What data would you need and
   why? (b) Where would you look for the data?
2. Suppose you are on the university football stadium advisory board and have
   to help set the price for tickets. You want to take in the maximum possible
   revenue for the football team. Describe the steps you take.


LECTURE 3.       SUPPLY, DEMAND AND THE MARKET
1. Most decisions concerning resource allocation in mixed economies are made
   through the price system. Prices are determined in markets; these markets
   take different forms, but their operation can be summarized with the basic
   model of demand and supply.
2. Quantity demanded is the amount of a good buyers are willing to buy per
   period (day or year, for example) in a given market. Quantity demanded
   depends on the price of the good and on the other factors. Chief among these


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