Основы экономики. Земскова Л.П. - 9 стр.

   are the prices of alternative goods, the income of buyers, their tastes, and
   expected future prices.
3. The demand schedule is the relationship between the quantity of a good
   demanded and its price, other factors held constant. The demand curve is the
   graphic representation of the demand schedule. Demand curves are typically
   downward-sloping, showing that quantity demanded increases as price falls.
4. Quantity supplied is the amount of a good sellers want to sell per period in a
   given market. Quantity supplied depends on the price of the good and on
   other factors. Chief among these are the durable productive assets (physical
   capital) and technology available to suppliers and the prices of variable
   inputs, all of which determine sellers’ costs.
5. The supply schedule is the relationship between the quantity of a good
   supplied and its price, other factors held constant. The supply curve – the
   graphic representation of the supply schedule – is typically upward-sloping,
   showing that quantity supplied increases when price rises.
6. The market is in equilibrium when price is at the level at which quantity
   demanded is equal to quantity supplied. At any price below the equilibrium
   price there is excess demand (or a shortage), with quantity demanded
   exceeding quantity supplied. At any price above the equilibrium price there is
   excess supply (or a surplus), with quantity supplied exceeding quantity
   demanded.
7. Price moves towards the equilibrium level if the market is not in equilibrium.
   When there is excess demand, suppliers can raise price and still sell as much
   as they would like to at the higher price. When there is excess supply, the
   pressure of unsold output leads firms to cut price. Because markets move to
   equilibrium, economists generally concentrate on equilibrium price and
   quantity when analyzing markets’ responses to changes in supply or demand.
8. Changes in the factors other than the price of the good that determine
   quantity demanded shift the demand curve, causing equilibrium price and
   quantity to change. An increase in the price of a substitute good shifts the
   demand curve to the right, increasing both price and quantity. Similarly, an
   increase in the number of consumers, a shift in tastes toward this good, or the
   expectation that price will rise in the next period shifts the demand curve to
   the right. An increase in the price of a complementary good shifts the
   demand curve to the left, reducing price and quantity.
9. An increase in consumers’ incomes increases the quantity demanded of a
   normal good, shifting the demand curve to the right and raising price and
   quantity. An increase in consumers’ incomes shifts the demand curve for an
   inferior good to the left, reducing price and quantity.
10.The position and slope of the supply curve are determined mainly by costs of
   production. These in turn are determined by technology and the costs of
   inputs. An improvement in technology, reducing the costs of production, will
   typically shift the supply curve to the right, causing equilibrium price to fall
   and output to rise. So will a reduction in the cost of an output.
11.The price system helps solve the “what” , “how” , and “for whom” problems
   in a free-market economy. What is determined by supply and demand in the
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