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  • In a market economy, prices are key to determine the allocation of resources.

–Other mechanisms (central planning) no longer considered viable.

  • Much of microeconomics is concerned with how prices are determined within a market (‘price theory’).
  • The supply-and-demand model is the most important tool for this.
  • Here: a quick introduction to supply-and-demand analysis.
  • Rest of the course:

–Understand where demand and supply come from.

–Explore the limits of the basic supply-and-demand model.

  • The supply-and-demand model states that prices and quantities are determined by supply and demand.
  • Demand for a good (say, bread) depends on

–Price

–Prices of related goods (croissants, butter)

–Income (positive or negative influence?)

–Other factors (information, tastes, government regulation …)

  • The supply-and-demand model focuses on a good’s price, holding all other factors constant.

–A ‘ceteris paribus’ assumption.

Exogenous vs endogenous variables.

–Yields a ‘demand schedule’ or ‘demand curve’.

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