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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.
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Lesson Contents
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Unit 1: Selling Basics |
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Unit 2: Law of Supply |
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Unit 3: Supply Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity | |
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Market Supply
This supply lesson provides an introduction, not only into Stuffed Amigo selling behavior, but into selling a wide range of other goods, even goods that aren't cute and cuddly. In fact, this supply topic does more than offer insight into selling behavior. It's also the second half of the market analysis -- the first half being demand. And to reiterate what I noted during the demand lesson, market analysis is one of the most widely used tools in the study of economics for explaining a lot of economic phenomenon. Of course to use markets, we now need to consider supply. - The first unit of this lesson, Selling Basics, introduces the basic concept of supply and a few related terms such as supply price and quantity supplied.
- In the second unit, Law of Supply, we move into a discussion of the law of supply, which captures the basic relation between supply price and quantity supplied.
- The third unit, Supply Curve, then develops the supply curve, which is the graphical embodiment of the supply concept.
- Moving onto the fourth unit, Determinants, we examine how the five basic supply determinants cause the supply curve to shift from one location to another.
- And in the fifth and final unit, Scarcity, we make a connection between supply and the limited resources part of scarcity.
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BALANCE ON MERCHANDISE TRADE A subset of the balance of payments current account that records the difference between the payments received for exports of goods to other nations and the payments made for the imports of goods from other nations. The goods included are physical or tangible goods, but not intangible services. The balance on merchandise trade is thus appropriately divided into merchandise exported and merchandise imported. Two other subsets of the current account include the balance on services and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BLUE
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