03 May WHICH GRAPH SHOWS A CHANGE IN QUANTITY DEMANDED?
Chapter 4 of our course text focuses on market supply and market demand, which are microeconomic concepts rather than macroeconomic concepts. In addition, our Week 1 objective of analyzing “. . . how supply and demand for a good determines both the quantity produced and the price at which the good sells and how buyers and sellers respond to changes in market conditions” is also in the realm of microeconomics.
Market supply curves and market demand curves show the supply of, and demand for, individual products and services, such as shoes, shoe shines, and shinola.
Please note: There is also a tricky little distinction between what economists refer to as a change in demand and a change in quantity demanded; before you start work on your Week 2 paper you should be aware of that distinction. Consider the two graphs shown below.
Which graph shows a change in demand? Which graph shows a change in quantity demanded? As a warm up for your assignments, can you provide real-world examples of changes in demand and changes in quantity demanded?
#5 The Gains from Interdependence ( Student Post)
Interdependence is the concept of individuals and economies trading with one another for a mutual gain. Although it is possible that one individual or country could be completely self-sufficient, it is unlikely that they would do so without bearing a great cost. Individuals choose to become interdependent because it affords them a number of favorable returns. One such return is in the form of comparative advantage and opportunity cost. Opportunity cost is the what needs to be given up in order to obtain something else and comparative advantage is being able to produce a product at a lower opportunity cost than another producer. These two concepts allow for producers to specialize in a particular product because they have a comparative advantage over others. When all producers have a comparative advantage over each other in different areas, then the economy as a whole can benefit and this results in favorable gains for those that are interdependent on each other.
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