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BUDGET: A statement of the financial position of an entity--especially household, business, or government--based on estimates of anticipated revenues and expenditures. A budget is balanced if the revenues and expenditures are equal. A budget deficit arises if expenditures exceed revenues and a budget surplus exists if revenues are greater than expenditures.

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Menu of Lessons
A. Introduction
  • Economic Basics
  • Economic Science
  • Scarcity
  • Production Possibilities

  • B. The Market
  • Demand
  • Supply
  • Market
  • Market Shocks

  • C. Behind Demand
  • Consumer Demand
  • Utility and Demand
  • Elasticity Basics
  • Elasticity and Demand

  • D. Behind Supply
  • The Firm
  • Production
  • Cost
  • Perfect Competition

  • E. Market Structures
  • Market Control
  • Monopoly
  • Monopolistic Competition
  • Oligopoly

  • F. Factor Markets
  • Factor Demand
  • Factor Supply
  • Factor Market Equilibrium

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    Microeconomics

    Introductory Microeconomics is the study of the individuals, firms, markets, and industries, including the topics of consumer demand, production, cost, market structures, and factor markets.

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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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    GREEN LOGIGUIN
    [What's This?]

    Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for mail order catalogs with hidden messages.
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    This isn't me! What am I?

    There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
    "Be willing to have it so. Acceptance of what has happened is the first step to overcoming the consequences of any misfortune."

    -- William James, Psychologist

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