1. Productive Resources and Economic Systems: Traditional, Command, Market
1.1. Market, consumers determine what is provided
1.2. Traditional focuses on stability and has a emphasis on spiritual and cultural activities
1.3. The central planners for Command focus on economic growth by directing resources in a specific direction and people with have very little choice
2. Demand and such
2.1. As prices increase, demand decreases
2.2. As prices decrease, demand increases
2.3. When the prices of products changes, it determines the amount that the product will be sold, so its key for companies to find and see where that happy medium is so they have optimum sales
2.4. Increase in supply means decrease in price, increase in quantity, demand would be unchanged and supply would increase
2.5. Decrease in supply means increase in price, decrease in quantity, demand is unchanged and decrease in supply
2.6. Increase in demand results in price increase, decrease in quantity, increase in demand and supply is unchanged
2.7. Decrease in demand means price decrease, quantity decrease, demand decrease and supply unchanged
3. Microeconomics
3.1. Price elasticity: The responsiveness of a product quantity demanded to a change in its price
3.2. Elastic demand: Demand for which a percentage change in a product's price causes a larger percentage change in quantity demanded
3.3. Inelastic demand: Demand for which a percentage change in a product's price causes a smaller percentage change in quantity demanded
3.4. Ed=Q2-Q1 Divided By P2-P1 ------------ ------- (Q2+Q1)/2 (P2+P1)/2
4. In my opinion supply and demand is all about making money for companies. And the way they gather the information and data abut there products really allows companies to see how well the product will sell and when...ect. And to make money in a company you have to know the product and how much demand and ect so you know what to produce and how much to sell and the price to sell at. If you make the product to expensive then people won't buy it. Or if you make a lot of a product, you have to make sure people will buy it.
