Introductory macroeconomics, Edition: 2 Sub by Michael Veseth

By Michael Veseth

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Extra resources for Introductory macroeconomics, Edition: 2 Sub

Sample text

1. Economics is the study of how society chooses to allocate scarce resources to the production and distribution of goods and services. 2. Macroeconomics studies the way that the national economy works. Microeconomics looks at how individual economic decisions are made. Both approaches examine the same activities, but from different perspectives. DISC US SION Q UE S TIONS 23 3. Macroeconomics became important during the Great Depression of the 1930s. Crops, banks, and the stock market all failed at once.

Two things happen as price falls. First, people start to buy more goods. The quantity demanded increases as price falls (a movement along the demand curve). Lower prices, however, reduce profits, so less is offered for sale-a movement along the supply curve. As more is pur­ chased but less is offered for sale, the surplus gradually disappears and equi­ librium is reached. The market reacts to a shortage in the same way. A shortage means that some buyers cannot get the goods they want. These buyers offer to pay more­ to bid the goods away from other purchasers.

We can do this with the graphical tool of the demand curve. The demand curve is a map of the way that desired purchases change when the price of an item changes (everything else that could affect demand is temporarily held constant). A hypothetical demand curve for apples is shown in Figure 2-1. Price per apple is measured along the vertical axis and the quantity demanded along the horizontal. W here does the demand curve come from? You could build one, if you wanted to. Suppose that you asked everyone in your county to list the number of apples that they would be willing to buy this week at ten cents each?

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