EC4004 Economics for Business Lecture 2

Reviewing some key concepts from year 1 micro Dr Helena Lenihan Department of Economics Email: helena.lenihan@ul.ie Room: KB3-35

The Economic Problem ,[object Object],[object Object],[object Object],[object Object]

Economic way of thinking ,[object Object]

Basic Economic Questions What? How? For Whom? Goods or Services are produced

[object Object],[object Object]

Economic Science: Methodology ,[object Object],[object Object],[object Object]

Production Possibility Frontier ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Limitations on Output ,[object Object],[object Object],[object Object],[object Object]

PCs(000s) TV Sets (000s) Y . X . PPF B PPF O A D C

Summary ,[object Object],[object Object],[object Object],[object Object]

Efficiency of Resource Use ,[object Object],[object Object]

Economic Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Military Goods Civilian Goods PPF1 PPF 2 Figure 8: Economic Growth and the PPFs O

Law of Demand 1 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Law of Demand 2 ,[object Object],[object Object]

Factors influencing change in Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Change in Demand .V. Change in Quantity Demanded ,[object Object],[object Object]

Supply and Law of Supply ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Factors Influencing Supply ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Change in Quantity Supplied vs. Change in Supply ,[object Object],[object Object]

Figure 6: Market Equilibrium S S D D 3 6 0 Q 1 2 4 5 P 5 3 4 6 Surplus Shortage Equilibrium E

Market Equilibrium ,[object Object],[object Object],[object Object],[object Object]

EC4004 Economics for Business Lecture 2

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EC4004 Economics for Business Lecture 2