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RESOURCES: The labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Land provides the basic raw materials--vegetation, animals, minerals, fossil fuels--that are inputs into the production of goods (natural resources). Labor is the resource that does the "hands on" work of transforming raw materials into goods. Capital is the comprehensive term for the vast array of tools, equipment, buildings, and vehicles used in production. Entrepreneurship is the resource that undertakes the risk of bringing the other resources together and initiating the production process.
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Lesson Contents
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Unit 1: The Set Up |
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Unit 2: A Simple Choice |
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Unit 3: Complex Choices |
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Unit 4: On To Demand |
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Unit 5: Beyond Demand | |
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Utility and Demand
This lesson undertakes a detailed investigation into the decision-making process underlying the purchase of goods and services. Doing so provides a behind-the-scenes examination of market demand, offering an explanation for the inverse relation between demand price and quantity demanded that is the law of demand. - The first unit of this lesson, The Set Up, begins with a review of the market demand and consumer demand theory.
- In the second unit, A Simple Choice, we examine the decision-making process for purchasing a single good.
- The third unit, Complex Choices, then complicates matters slightly by adding a second good into the decision making mix.
- The fourth unit, On To Demand, presents the rule of consumer equilibrium that captures the essence of this decision-making process and how it helps explain the law of demand.
- The fifth unit and final unit, Beyond Demand, explores how consumer demand theory provides insight to noneconomic choices, demand elasticity, and market supply.
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AUTONOMOUS EXPORTS Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for door-to-door salesmen.
Your Complete Scope
This isn't me! What am I?
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Try not to become a man of success, but rather try to become a man of value. " -- Albert Einstein
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ARP
Average Revenue Product
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