https://padlet.com/ericaorians/60eepue9u43orrap Chapter 4 Collaborative Study Guide en-us 2022-01-04 14:33:51 UTC 2026-03-25 02:21:06 UTC hello@padlet.com ericaorians https://padlet.com/ericaorians/60eepue9u43orrap/wish/1974312139 2022-01-04 14:33:51 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1974312139 ericaorians https://padlet.com/ericaorians/60eepue9u43orrap/wish/1974312141 2022-01-04 14:33:51 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1974312141 ericaorians https://padlet.com/ericaorians/60eepue9u43orrap/wish/1974332579 2022-01-04 14:41:26 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1974332579 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989184160 2022-01-12 21:46:48 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989184160 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989197897 What role do markets play in society and how do they influence the production and allocation of goods and services?]]> 2022-01-12 22:01:24 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989197897 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989299655 A market is any setting that brings together potential buyers (demanders) and sellers (suppliers).
An expansive view of markets allows the application of economic principles to exchanges that do not involve material goods, such as voting, marriage, and grades, though this does require creativity to understand what the relevant "prices" are in these markets.]]> 2022-01-13 00:11:49 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989299655 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989318193 This article illustrates how many facets are involved in forecasting supply, demand, and the potential for equilibrium.]]> 2022-01-13 00:30:10 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/1989318193 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2000390230 How do markets bring supply and demand into balance?]]> 2022-01-19 13:36:08 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2000390230 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2000400428 What are the consequences of shifts in supply and demand? 
How do changes in prices and quantities reveal whether supply or demand has shifted?]]> 2022-01-19 13:40:08 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2000400428 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2000426885 In a market economy, individual people and businesses make decisions about production and consumption, with prices providing incentives.
A planned economy is one in which decisions about production and distribution are made centrally, often by government.]]> 2022-01-19 13:50:10 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2000426885 anasorge https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003130656 I'm a visual learner, so having graphics always helps the information stick for me.]]> 2022-01-20 15:25:28 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003130656 anasorge https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003135457 2022-01-20 15:27:17 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003135457 anasorge https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003138692 Economic equilibrium is the result of opposing economic variables gravitating towards their natural state.]]> 2022-01-20 15:28:28 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003138692 anasorge https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003155183 I've listened to a few podcasts on here before. This one explains the concept of equilibrium min a way that is really easy to grasp.]]> 2022-01-20 15:34:39 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003155183 anasorge https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003167139 A market is in equilibrium if at the market price the quantity demanded is equal to the quantity supplied. The price at which the quantity demanded is equal to the quantity supplied. This is called the equilibrium price or market clearing price and the matching quantity is the equilibrium quantity.]]> 2022-01-20 15:39:07 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003167139 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003999330 Queuing - waiting in line wastes time and money
Bundling of Extras - buying other things to get the thing you want
Secondary Market - unofficial alternatives 
All raise the "effective" price.]]> 2022-01-20 23:45:25 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2003999330 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2006546713 Step 1: Determine what is shifting: supply, demand, or both.

• Demand is shifted by changes affecting buyers or their marginal benefits.
• Supply is shifted by changes affecting sellers or their marginal costs.

Step 2: Determine the direction of the shift.

• An increase in marginal benefit increases demand.
• An increase in marginal cost decreases supply.
• An increase shifts the curve right.
• A decrease shifts the curve left.

Step 3: Determine how prices and quantities will change in the new equilibrium.

• Compare the old and new equilibriums.
• Since one or both lines have shifted, they will intersect at a new equilibrium.

]]> 2022-01-22 17:32:31 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2006546713 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2006550426 You can also see what would happen if just one curve shifted.]]> 2022-01-22 17:37:34 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2006550426 rebeccawisniewski1 https://padlet.com/ericaorians/60eepue9u43orrap/wish/2006560734 When both curves shift, you can break it into parts. Imagine the demand curve shifts in the morning and the supply curve shifts in the evening and add up the two effects.
In many cases, the total effect depends on which curve's shift had a bigger effect. ]]> 2022-01-22 17:51:58 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2006560734 tyceelzinga https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007440865 2022-01-23 18:42:38 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007440865 ryannuth https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007756662 In this chapter it explains how supply and demand meet at points called the market equilibrium. With this it helps gives predictions where prices of goods might be at during certain times. It also explains the fluctuations between supply and demand and how one greatly can effect the other. ]]> 2022-01-24 01:38:59 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007756662 ryannuth https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007794018 2022-01-24 02:13:28 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007794018 ryannuth https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007845451 Housing market equilibrium is on a slow start and may take longer to reach a equilibrium]]> 2022-01-24 02:55:19 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2007845451 anasorge https://padlet.com/ericaorians/60eepue9u43orrap/wish/2009138900 Oue professor has this posted on BB, but I thought having it in the section it pertains to would be helpful. I really like this episode.]]> 2022-01-24 15:59:37 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2009138900 presleywebb https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010107260 2022-01-25 01:42:28 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010107260 presleywebb https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010112038 2022-01-25 01:46:17 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010112038 presleywebb https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010131792 2022-01-25 02:02:03 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010131792 maricelatomasmazarie https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010196698 https://www.youtube.com/watch?v=g9aDizJpd_s&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=5]]> 2022-01-25 02:54:09 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010196698 maricelatomasmazarie https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010202399 2022-01-25 02:58:46 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010202399 maricelatomasmazarie https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010217034 https://www.wsj.com/articles/from-plants-to-store-shelves-u-s-food-supply-is-under-pressure-11642933805]]> 2022-01-25 03:10:32 UTC https://padlet.com/ericaorians/60eepue9u43orrap/wish/2010217034