AP微观经济学1.pptVIP

Demand and Supply Demand Law of demand Demand curve Determinants of Demand Shift in demand and move along demand Supply Law of supply Supply curve Determinants of supply Shift in supply and move along supply Equilibrium Price control Price ceiling Price floor Demand Determinants of Demand Price of product Consumers’ income Consumer tastes Prices of substitute products Prices of complementary products Expected future price of the product Supply Determinants of Supply Price of the product The number of sellers (providers, suppliers) Costs of resources or production Prices of substitute goods (goods that are also produced or could be using similar resources) Price expectations Technology Taxes/subsidies Changes in Equilibria The Characteristics of Equilibrium There is no tendency for change The demand function and supply function stay the same or constant. The amounts demanded equal the amounts supplied (at the intersection of supply and demand). There is no surplus or shortage; the equilibrium price “clears” the market. Change in both D and S Change in demand Change in supply Effect on equilibrium P Effect on equilibrium Q → → Unknown + ← ← Unknown - → ← + Unknown ← → - Unknown Equilibrium Price Quantity Demand Supply P’ P0 P’’ Excess supply Excess demand Equilibrium (E): no excess supply or demand * * AP ECONOMICS Cherie Shan c.shan@ Financial Analyst Economics Why AP? College level course Grant student credit Higher chances for college enrollment About the test ? % of Grade Number of Questions Time Allotted Reading Period Section I 66 2/3 60 70 minutes ? Section II 33 1/3 1 long + 2 short 50 minutes 10 minutes About the test AP Score Qualification 5 Extremely well qualified 4 Well qualified 3 Qualified 2 Possibly qualified 1 No recommendation 1. Basics of Micro-econ Economics defined Economics studies how resources are used and how can be used to their fullest potential. Macroeconomics: involves economic problems concerned by the nation. Microecon