The Market Forces of Supply and Demand Supply and Demand are the two wordsthat economists use most often. Supply and Demand are the forces thatmake market economies work. Modern microeconomics is about supply,demand and equilibrium

国家开放大学：2006—2007学年第二学期“开放专科”金融专业商业银行经营管理期末试题（7月）

国家开放大学：2006—2007学年第二学期“开放专科”农村经济管理专业财政与金融期末试题（7月）

Interdependence and Trade Consider your typical day: – You wake up to a alarm clock made in Wenzhou – You put on some clothes made of cotton grown in Xinjiang and sewn in factories in Fujian Province

Outline The Economist as Scientist The Economist as Policy Adviser Why Economists disagree

国家开放大学：2006—2007学年第一学期“开放本科”金融学专业中央银行理论与实务期末试题（1月）

A firm, using two inputs K and L to produce one product, whose production function is 2 / 5 3/ 5 Q = 25L K

Outline The economics of asymmetric information Political economics Behavioral economics

The Theory of Consumer Choice The theory of consumer choice addresses the following questions: – Do all demand curves slope downward? – How do wages affect labor supply? – How do interest rates affect household saving?

Differences in Earningsin the U.S. Today The typical physician earns about $200,000a year. The typical police officer earns about$50,000 a year. The typical farm worker earns about$20,000 a year