price mechanism

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kav k

Cards (8)

Demand curve shifting right 
1. Find disequilibrium
2. Excess demand/shortage
3. Prices rise
4. Incentivize firms to increase output
5. Ration scarce resources
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Demand curve shifts right
Equilibrium price and quantity increase
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Supply curve shifting right
1. Find disequilibrium
2. Excess supply/surplus
3. Prices fall
4. Incentivize firms to reduce output
5. Ration scarce resources
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Supply curve shifts right
Equilibrium price falls, quantity increases
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There are two shifts left to cover: demand shifting left, supply shifting left
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The disequilibrium for demand shifting left is excess demand/shortage
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The disequilibrium for supply shifting left is excess supply/surplus
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The functions of the price mechanism are used to move from one equilibrium to a new equilibrium in all cases of demand or supply shifts
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price mechanism

Cards (8)

2.2.2 Price

8.2.2 Breathing Mechanism

1.2.3 Mechanism of Breathing

6.1.2 The Role of Models in Economics

6.2.4 Economic Systems

6.1.2 The Role of Models in Economics

4.4.2 Reaction mechanisms

2.5.2 Transport mechanisms

6.1.1 Positive and Normative Statements

6.2.1 Scarcity and Choice

2.2 Economic Policy Objectives

6.2.3 Specialization and Division of Labor

3.1.3.1 Demand

5.5 Economic Growth

5.5 Introduction to Reaction Mechanisms

1.3 Prime Minister and Executive

1.2.7 Mechanics of breathing

3.1 Quantities and Units in Mechanics

4.1.3 Consequences of Growth

3.1.2 Other Objectives

6.2 The Economic Climate