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Microeconomics Midterm Review: Models, Demand, Supply, and Market Equilibrium
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Circular Flow Diagram
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The Circular Flow Diagram
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Positive and Normative Statements
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Positive Statements vs. Normative Statements
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Identifying Statements
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Introduction to Supply and Demand
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Perfect Competition
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The Basics of Demand
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The Basics of Demand
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Shifting Demand
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Introducing Demand Shifts
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Shifting Demand
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The Basics of Supply
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Shifting Supply
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Shifting Supply
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Supply and Demand Together: Equilibrium, Shortage, and Surplus
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Equilibrium
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Surplus and Shortage
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