Daily Class Notes
Date: | January 26, 2050 |
Course: | Introduction to Economics |
Instructor: | [Your Name] |
I. Main Topics
The Basics of Microeconomics | Supply and Demand |
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II. Key Concepts/Definitions
Microeconomics: The study of individual consumers, firms, and markets.
Macroeconomics: The study of the economy as a whole, focusing on national factors like inflation and unemployment.
Law of Demand: As the price of a good decreases, the quantity demanded increases, and vice versa.
Law of Supply: As the price of a good increase, the quantity supplied increases, and vice versa.
Market Equilibrium: The point at which the supply and demand curves intersect, indicating the equilibrium price and quantity.
III. Examples
Example of the Law of Demand | Example of Market Equilibrium |
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IV. Assignments or Homework
Reading Assignment | Homework |
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Read Chapter 2 of the textbook on "Market Structures" | Explain the difference between microeconomics and macroeconomics. Provide an example of how the law of supply works in a real-world scenario.
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V. Questions or Doubts
Question | Doubt |
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How do external factors, like government policies, affect supply and demand in real life? | Clarification is needed on how to graphically represent shifts in supply and demand curves. |
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