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May 26, 2022 

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LOGROLLING: A systematic exchange of votes by politicians to obtain approval of specific legislation. That is, Senator Grapht agrees to vote for Senator Brybe's pet project if Senator Brybe votes for Senator Grapht's favorite piece of legislation. Such logrolling can be explicit or implicit. The explicit kind involves two separate bills, in which each politician is forced to "go on record" with a vote. The implicit kind, which many politicians favor, is where several separate programs are wrapped into a single bill. Every politician can then tell the folks back home that they really only wanted the "one thing" that helped their constituencies the most, but had to vote for "other things" as well. Logrolling is big reason our government is big and prone to inefficiency.

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Lesson Contents
Unit 1: Buying Basics
  • The Concept
  • Demand Price
  • Quantity Demanded
  • Unit 1 Summary
  • Unit 2: Law of Demand
  • Definition
  • Income Effect
  • Substitution Effect
  • Unit 2 Summary
  • Unit 3: Demand Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch...Ch...Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Unlimited Wants
  • Unit 5 Summary
  • Unit 6:
  • Unit 6 Summary
  • Course Home
    Demand

    This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson.

    • In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
    • The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
    • As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
    • In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
    • And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.

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    OLIGOPOLY, CHARACTERISTICS

    The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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    APLS

    BROWN PRAGMATOX
    [What's This?]

    Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
    Your Complete Scope

    This isn't me! What am I?

    Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
    "Try not to become a man of success, but rather try to become a man of value. "

    -- Albert Einstein

    RGDP
    Real Gross Domestic Product
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