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 AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.
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 Lesson Contents Unit 1: Adjustments Overview Three Questions Unit 1 Summary Unit 2: Determinants Shifts Demand Supply Unit 2 Summary Unit 3: Single Shifts More Demand Less Demand More Supply Less Supply Unit 3 Summary Unit 4: Double Shifts More Demand and More Supply More Demand and Less Supply Less Demand and Less Supply Less Demand and More Supply Unit 4 Summary Unit 5: Cause and Effect Economic Science Link Sequence Unit 5 Summary Course Home
Market Shocks

Our goal in this lesson is to investigate disruptions of the market. Specifically, we want to use the market model previously developed, to examine the why and how of market shocks. What causes market shocks? How to markets react when shocked? These are just a few of the questions we want to consider. If the truth be known, markets in the real world don't remain at the same locations for very long. They move. They adjust. Prices change. Quantities change. We can understand these real world market changes, by analyzing what happens to market model when it's shocked.

• The first unit of this lesson lays the foundation of analyzing market shorts with an overview of the adjustment process and the particular role played by the ceteris paribus assumption.
• In the second unit, we review the five determinants of demand and five determinants of supply, because these are the are what cause market disruptions.
• We then move into the actual adjustment process in the third unit, examining the four basic disruptions involving a shift in either the demand or supply curve.
• The fourth unit builds on these four basic shifts to exam four complex shifts that have simultaneous shifts in both the demand and supply curves.
• We end this lesson in the fifth unit by relating these market shocks to the fundamental notion of cause and effect inherent in the study of economic science.

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PATERNALISM

A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.

 BLUE PLACIDOLA[What's This?] Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for jovial bank tellers.Your Complete Scope
 The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
 "It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "-- Jacques Yves Cousteau, marine explorer
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