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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.
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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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SERVICES, CONSUMPTION Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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DI
Disposable Income
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