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COMMON-PROPERTY GOOD: A good that's difficult to keep nonpayers from consuming, but use of the good by one person prevents use by others. Examples include oceans, the atmosphere, many lakes and streams, and large tracts of wilderness area or public parks. The term "common property" aptly describes the situation here, it's commonly owned and thus everyone has access to it, but it can be easily used up or destroyed. Many of our pollution problems occur because common property becomes a convenient place to dump waste materials. For efficiency, government needs to take charge of common-property goods, private exchange through markets can't do the job.

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Lesson Contents
Unit 1: Demand Theory
  • The Theory
  • Making Decisions
  • Utility
  • On To Demand
  • Unit 1 Summary
  • Unit 2: Total Utility
  • A Measure Of Satisfaction
  • Total Utility Schedule
  • Utility Maximization
  • Unit 2 Summary
  • Unit 3: Marginal Utility
  • Incremental Satisfaction
  • Measuring Marginal Utility
  • Diminishing Marginal Utility
  • Getting Satisfied
  • Diamond-Water Paradox
  • Unit 3 Summary
  • Unit 4: The Curves
  • Total Utility
  • Marginal Utility
  • Both Curves
  • Unit 4 Summary
  • Unit 5: Taking Stock
  • Two Laws
  • Two Considerations
  • Unit 5 Summary
  • Course Home
    Consumer Demand

    This lesson discusses the basics of consumer demand theory, especially the notion of utility. Utility is the fancy-schmancy economic term that means satisfying wants and needs. The purpose of this lesson is to set the stage for a behind-the-scenes look at the demand-side of the market. Because the prices buyers are willing to pay for the goods depend on the utility, an understanding of demand requires an understanding of utility.

    • The first unit of this lesson, Demand Theory, introduces the concept of utility and previews the relation between utility, consumer decision making, and demand.
    • In the second unit, Total Utility, we take a look at the first of two key technical notions of utility are used to examine the relation between utility and demand.
    • The third unit, Marginal Utility, presents and discusses the second of the two technical notions of utility, and the most important notion underlying demand.
    • The fourth unit, The Curves, illustrates the total utility and marginal utility concepts with handy graphs.
    • The fifth unit, Taking Stock, then wraps up this lesson with an extended preview of the relation between utility and demand.

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    LAGGING ECONOMIC INDICATORS

    Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.

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    Today, you are likely to spend a great deal of time watching infomercials hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for door-to-door salesmen.
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