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Today's Index
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208.7
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DISTRIBUTION STANDARDS: Three alternative criteria for distributing income to members of society--contributive standard, equality standard, needs standard. A basic notion in economics is that income is generated through production (circular flow). The amount of income generated each year depends on the value of goods and services produced with the economy's limited resources. But once this income is generated it must be distributed to members of society. The contributive, equality, and needs standards are the three primary criteria for distributing income.
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Lesson Contents
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Unit 1: The Exchange |
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Unit 2: The Numbers |
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Unit 3: A Graph |
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Unit 4: Adjustment |
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Unit 5: Efficiency | |
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Market Equilibrium
In this lesson, we'll see how buyers (discussed in the demand lesson) come together with sellers (discussed in the supply lesson) to exchange commodities using a market. More precisely, this lesson develops an abstract market model, or market analysis, that we can use to explain and understand a wide range of real world exchanges. - This lesson begins in the first unit, The Exchange, with an overview of the basic exchange process underlying markets, including the notion of equilibrium, the roles played by price and quantity, and the importance of competition.
- In the second unit, The Numbers, we work through a simple market analysis using demand and supply schedules, highlight both equilibrium and disequilibrium conditions.
- The third unit, A Graph, then carefully examines the notion of market equilibrium using demand and supply curves, which generates the widely used graphical model of the market.
- Moving onto the fourth unit, Adjustment, we use the graphical market model to investigate the automatic market responses to shortages and surpluses.
- The lesson concludes in the fifth unit, Efficiency, by considering the relation between market exchanges and efficiency.
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AVERAGE PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.
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State of the ECONOMY
Real Average Hourly Earnings
July 2010
$10.38
Fell 0.2% Source: BLS
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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IER
International Economic Review
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