![]() ![]() The demand and supply model can explain the existing levels of prices, wages, and rates of return. The vertical axis shows a measure of price: the price of a good or service, the wage in the labor market, or the rate of return (like the interest rate) in the financial market. ![]() The horizontal axis shows the different measures of quantity: a quantity of a good or service, or a quantity of labor for a given job, or a quantity of financial capital. displays a generic demand and supply curve. ![]() Your goal should be to understand the underlying model so you can use it to analyze any market. Even though demand and supply diagrams have many labels, they are fundamentally the same in their logic. Demand and supply is not primarily a list of examples it is a model to analyze prices and quantities. ![]() Just as it would be foolish to try to learn the arithmetic of long division by memorizing every possible combination of numbers that can be divided by each other, it would be foolish to try to memorize every specific example of demand and supply in this chapter, this textbook, or this course. The demand and supply model is the second fundamental diagram for this course. Why are demand and supply curves important? Instead, each consumer reacts according to that person’s preferences and budget set, and each profit-seeking producer reacts to the impact on its expected profits. In a market-oriented economy, no government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in price. In all of these markets, prices serve as a remarkable social mechanism for collecting, combining, and transmitting information that is relevant to the market-namely, the relationship between demand and supply-and then serving as messengers to convey that information to buyers and sellers. Prices exist in markets for goods and services, for labor, and for financial capital. The Market System as an Efficient Mechanism for Information How you go about this is up to you-there are plenty of apps and methods, depending on your make of phone and the version of Android you're using-but you could, for example, use the Files app on stock Android to share the backup to Google Drive, then download it and put it back in the same folder on your new device.\) You then need to manually move your most recent backup over to your new phone: It'll be in the "/Internal Storage/Signal/Backups" or "/sdcard/Signal/Backups" folder. On your old device, it's enabled through the Chats and media and Chat backups options on the Signal settings screen-again, make sure you note down the passphrase that's displayed on screen, because you're going to need it to get your chats back on a new device. On Android, you need to make use of the backup feature we've already mentioned above. Keep the devices close to each other, and the transfer should go through. You'll see a QR code on your new phone or tablet, which you have to scan using the Signal app on your old phone or tablet (the prompt to do this should have appeared automatically). Signal now lets you transfer your message history between devices. ![]()
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