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DEMAND SHOCK: A disruption of market equilibrium (that is, a market adjustment) caused by a change in a demand determinant and a shift of the demand curve. A demand shock can take one of two forms--an Demand Increase or a Demand Decrease. An increase in demand is seen as a rightward shift of the demand curve and results in an increase in equilibrium quantity and an increase in equilibrium price. A decrease in demand is a leftward shift of the demand curve and results in a decrease in equilibrium quantity and a decrease in equilibrium price.
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PERFECT COMPETITION, PROFIT MAXIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.
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"Don't judge each day by the harvest you reap but by the seeds that you plant. " -- Robert Louis Stephenson, writer
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Packing Up For MIGRATIONThe quiet, peaceful town of Shady Valley has always been a great place for a pedestrian to wander through the workings of the economy. I'm afraid, though, that it's about to end. I've been offered another job -- an opportunity to wander around the streets of the distant mecca of Shady Lane to search out the mysteries of plant pathology. In Shady Lane, the sidewalks are smoother, the crosswalks are better, and the pay is much more lucrative. However, in that Shady Lane is in another time zone and several states away, migration would be my last topic of the day. There's a lot to be gained from this potential relocation of my residence, but it's not without cost. While I ponder this decision, perhaps you can help out by considering the topic of migration.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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FDA
Food and Drug Administration
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