• Summary
  • Contents
  • Subject index

Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Economists have dealt with such questions for generations, but they have taken on new meaning and significance.Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is a must-have reference resource.Key FeaturesProvides highly readable summaries of theory and models in key areas of micro and macroeconomics, helpful for students trying to get a "big picture" sense of the fieldIncludes introductions to relevant theory as well as empirical evidence, useful ...

Supply, Demand, and Equilibrium
Supply, demand, and equilibrium

The underlying foundation for much of the content for all other chapters in this reference manual is the economic concepts of supply and demand. In reading this chapter, you will begin to understand the basic concepts of supply and demand and how changes in the actions of buyers and sellers influence market prices. Markets are defined as any place where products or resources are exchanged. Every market has two sides: buyers and sellers. Buyers, or demanders, are those who purchase the product or resources. Sellers, or suppliers, are those who provide the products or resources for sale in the market. What motivates these market participants? Although many factors motivate buyers' and sellers' behavior, economists assume that the primary ...

  • Loading...
locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles