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MAASTRICHT TREATY: An agreement among 12 European nations in 1992 that established the European Union. The 12 nations signing the Maastricht Treaty are Belgium, Denmark, Greece, Germany, Spain, France, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Great Britain. This treaty was designed to form a more economically and politically integrated European economy, including the reduction or elimination of tariffs and nontariff barriers, the creation of monetary unit (the euro), the establishment of a common military and defense policy, and centralized monetary policy. This amended early agreements setting up a European common market. The Maastricht Treaty is merely one of several international trade agreements created over the years to reduce trade restrictions. Others include the General Agreement on Tariffs and Trade and the North American Free Trade Agreement.
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Lesson Contents
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Unit 1: Buying Basics |
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Unit 2: Law of Demand |
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Unit 3: Demand Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity | |
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Market Demand
This lesson on demand offers a little insight, not only into my Stuffed Amigo buying behavior, but into the purchases of a wide range of other goods, too, even goods that aren't cute and cuddly. In fact, this demand topic 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, which brings us back to this lesson. - In the first unit of this lesson, Buying Basics, 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, Law of Demand, then takes a look at the law of demand, which is one of the most important and fundamental economic principles that we'll encounter.
- As we move on to the third unit, Demand Curve, our attention turns to the demand curve, which is the graphical embodiment of demand.
- In the fourth unit, Determinants, we examine how the five basic demand determinants that cause the demand curve to shift from one location to another.
- And finally in the fifth unit, Scarcity, we make a connection between demand and the fundamental problem of scarcity.
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EIGHT-FIRM CONCENTRATION RATIO The proportion of total output in an industry produced by the eight largest firms in an industry. This is one of two common concentration ratios. The other is the eight-firm concentration ratio. Another related measure is the Herfindahl index. The eight-firm concentration ratio is commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control held by the eight largest firms in the industry.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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BJE
Bell Journal of Economics
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