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Understanding markets

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Explores the demand curve and market changes in economics.

Institution
University Of Exeter (UoEX)
Course
Management economics








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Institution
University of Exeter (UoEX)
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Course
Management economics
All documents for this subject (38)

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Uploaded on
July 28, 2022
Number of pages
2
Written in
2020/2021
Type
Class notes
Professor(s)
M.cook
Contains
All classes

Subjects

  • understanding markets
  • economics
  • business

Content preview

23.10.19 Economics for management



Understanding markets

Shifts in the demand curve

o Every industry/market has a time, product and geographical dimension.
o This occurs due to:
- Uncontrollable factors: out of the firm’s control (Income, wealth, interest rates,
prices etc…)
- Controllable factors: controlled by the company (Price, advertising, product quality)

Demand increase:




Supply curves

o Supply curves: functions that relate the price of a product to the quantity supplied by
sellers


Slopes upwards
because: as price
increases, firms
are able to supply
more.
Only the most
efficient firms can
survive at lower
prices.
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