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FEDERAL RESERVE DISTRICTS: The 12 geographic areas of the United States that form the administrative division of the Federal Reserve System. Each of the 12 Districts is headed by a Federal Reserve District Bank and is generally designated by the Reserve Bank City--Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Federal Reserve Branch Banks are located in 10 of the 12 Districts.

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 9 of 20

Topic: Less Demand <=PAGE BACK | PAGE NEXT=>

The six steps for a decrease in demand:
  • A determinant changes. The price of pecan pie, a substitute for hot fudge sundaes, declines.
  • A curve to shifts. The demand curve for hot fudge sundaes shifts leftward.
  • A shortage or a surplus occurs. The decrease in demand causes a surplus of hot fudge sundaes.
  • The price changes. The price of hot fudge sundaes goes down.
  • The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes decreases while their quantity demand is increased.
  • The market imbalance is eliminated and equilibrium is restored. The surplus of hot fudge sundaes is eliminated. The price is lower and the quantity exchanged is less.

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DEMAND AND SUPPLY INCREASE

A simultaneous increase in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a rightward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an increase in equilibrium quantity and an indeterminant change in equilibrium price.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for slow moving vehicles with darkened windows.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

-- Winston Churchill, British statesman

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