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HORIZONTAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the horizontal or X axis for a given value of the variable on the vertical or Y axis. This is commonly done when deriving a market demand curve from a set of individual demand curves. The quantity demanded by every individual is added at a given price to identify the total market demand at that price.
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Lesson 11: Circular Flow | Unit 3: Government
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Page: 11 of 22
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The government sector plays a key role in the economy and the circular flow with government spending, especially for the purchase of GDP, and taxes.- Government purchases include: national defense, roads, educational system, post offices, fire and police protection, parks, sewage treatment plants, and more.
- Taxes are used to divert household sector income to the government sector to pay for these purchases.
- The diversion of income into taxes used to purchase government production shows up in the circular flow model.
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PRICE CHANGE, UTILITY ANALYSIS A disruption of consumer equilibrium identified with utility analysis caused by changes in the price of a good, which likely results in a change in the quantities of the goods consumed. The change in the price alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at an auction hoping to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for the last item on a shelf.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. " -- Mark Twain, writer
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