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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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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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REDUNDANT INFORMATION Information received by the five senses (sight, sound, taste, touch, and smell) that is old, familiar, and usual. Because redundant information is not presumed to be threatening it can be largely ignored by the automatic response that is commonly termed the "fight or flight" reaction. The alternative is novel information, which is unfamiliar and potentially threatening.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"No amount of business school training or work experience can teach what is ultimately a matter of personal character. " -- Truett Cathy, Chick-fil-A Inc. founder
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AER
American Economic Review
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