Economics and You
Chapter Objectives
Chapter Objectives
Chapter Objectives
Study Guide
Introduction
Advantages of Prices
Allocations Without Prices
The Problem of Fairness
High Administrative Cost
Diminishing Incentive
Prices as a System
Section Assessment
Section Close
Study Guide
Introduction
The Price Adjustment Process
An Economic Model
Market Equilibrium
Surplus
Shortage
Equilibrium Price
Explaining and Predicting Prices
Changes in Supply
Importance of Elasticity
Changes in Demand
The Competitive Price Theory
Section Assessment
Section Close
Study Guide
Introduction
Distorting Market Outcomes
Price Ceilings
Price Floors
Agricultural Price Supports
Loan Supports
Deficiency Payments
Reforming Price Supports
When Markets Talk
Section Assessment
Supply is affected by seasons and by weather. Because demand tends to be stable and slightly inelastic, a change in supply can cause a large change in price.
Section Close
Section 1: Prices as Signals
Section 2: The Price System at Work
Section 3: Social Goals vs. Market Efficiency
Identifying Key Terms
Reviewing the Facts
Thinking Critically
Applying Economic Skills
Doctors: Charting New Territory
Doctors: Charting New Territory
Doctors: Charting New Territory
Doctors: Charting New Territory
Synthesizing Information
Synthesizing Information
Synthesizing Information
Synthesizing Information
Synthesizing Information
Synthesizing Information
Synthesizing Information
Synthesizing Information
Synthesizing Information
Becker’s and Friedman’s ideas are similar in that they view economic conditions and decisions as fundamental to other aspects of life; they differ in that Becker focuses on the micro, specifically the decision-making of individuals, while Friedman focuses on the macro, specifically the importance of the supply of money or monetary policy.
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