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LAW OF DEMAND: The inverse relationship between demand price and the quantity demanded, ceteris paribus. This fundamental economic principle indicates that as the price of a commodity decreases, then the quantity of the commodity that buyers are able and willing to purchase in a given period of time, if other factors are held constant, increases. This law is incredibly important to the study of economics. If you compiled a top ten list of economically important laws, the law of demand would be right there at the top.
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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP
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Page: 16 of 25
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Calculating GDP from the resource side is based on the fact that ALL revenue received by the business sector is paid to or claimed by a factor of production. Factor payments and the productive factors are: - Wages are paid to labor.
- Interest is paid to capital.
- Rent is paid to land.
- Profit is paid to entrepreneurship.
- Official government names are compensation to employees (wages) and corporate profit (profit).
- Proprietors' income is a combination of wages, interest, rent and profit, collected by the owner of a proprietorship.
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PRINCIPLE OF MINIMUM DIFFERENCES A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they promote differences. Similarities enable substitutability, such that one firm can attract the buyers away from other firms. Differences enable uniqueness and market control, such that each firm has market control and is able to charge a higher price than achieved with perfect competition. This principle is also termed Hotelling's paradox.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for malfunctioning pocket calculators.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects. " -- Alexis de Tocqueville, statesman, author
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NLS
National Longitudinal Survey
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