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Economics – Some Fundamental Concepts

Economics – Some Fundamental Concepts

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Economics - Fundamentals
Economics - Fundamentals

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05/13/2014

 
Economics
Some
Fundamental
 Concepts 
Wali MemonWalimemon.com
2010Wali Memon
walimemon.com 1
 
How is price determined?
O
Price isdetermined by theintersection ofsupply & demand.
2010Wali Memon
walimemon.com 2
 
Prices as Signals
O
Price
 
 –
the monetary value of a product asestablished by supply & demand.
O
Price is a signal that helps us make economicdecisions.
O
High prices are a signal for producers to producemore and consumers to buy less.
O
Low prices are a signal for producers to produce lessand consumers to buy more.
2010Wali Memon
walimemon.com 3

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