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Essay / Research Paper Abstract
This 7 page paper assesses the value of the supply and demand model in explaining real world economic behaviour. The paper looks at the various components of this model and then gives examples fort he real world to illustrate the points raised. The bibliography cites 2 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEsupreal.rtf
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Unformatted sample text from the term paper:
hold very true is that of the supply and demand model. To consider how this may be seen we first need to look at the model and how it operates,
then we can look how this manifests in the real world. This is a very basic model to begin with. Where there is a demand that exceeds supply the
price of the goods will increase until there the price putts a sufficient number of people off, and the purchase is made. When the converse is true, and the supply
exceeds the demand, the price will then drop, dropping to a level where it is able to attract sufficient customers to make the purchase attractive and create delirium between supply
of the goods and demand of the goods (Nellis and Parker, 2000). This is traditionally illustrated by the use of a chart, as shown below.
The point
at which the supply lines cross with be the point of equilibrium, which is the price. The supply line may be moved when there is a change in the supply,
if there is a decrease in the supply the line will move to the left, if there is an increase in supply this will move to the right. The demand
line may also move either up increasing the price or down and decreasing the demand and as such decreasing the price. Here there are some inherent implication. Where there is
a higher price and a premium in the market there are superior profits. The supplier will look at the level of profit.
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