Google
Sunday 
June 16, 2024 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
SECOND RULE OF SUBJECTIVITY: The second of seven basic rules of the economy. It is the notion that market prices are ultimately determined by subjective values and preferences of buyers and resource owners. While regular, everyday consumers are prone to accept the prices "set" by retail stores and other sellers as etched in stone (perhaps along with the Biblical ten commandments), such is not the case. The price of a product depends on two things, demand (especially the demand price that buyers are willing to pay) and supply (especially the supply price that sellers are willing to accept). Both, I repeat both, are subjectively determined. By subjective, I mean they are based on the values, beliefs, tastes, and preferences of people.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 11: Circular Flow | Unit 1: Basic Flow Page: 3 of 22

Topic: Three Markets <=PAGE BACK | PAGE NEXT=>

The three aggregated markets in the circular flow are:
  • Product markets: The combination of all markets in the economy that exchange final goods and services. These markets are the mechanism that exchanges gross domestic product. These are also termed the aggregate market.
  • Factor markets: These markets exchange the services of the economy's resources, or factor of production--labor, capital, land, and entrepreneurship. These are also called resource markets.
  • Financial markets: These are markets that trade financial instruments, like stocks and bonds. They play an important role in capital investment.

Course Home | Lesson Menu | Page Back | Page Next

EQUILIBRIUM

A state that exists when opposing forces are in balance, with each force exactly offsetting the other, such that there is no inherent tendency for change. Once achieved, an equilibrium persists unless or until it is disrupted by an outside force. The notion of equilibrium is an essential feature in most economic models, such as the market model.

Complete Entry | Visit the WEB*pedia


APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
Your Complete Scope

This isn't me! What am I?

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.
"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

NEDC
National Economic Development Council
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2024 AmosWEB*LLC
Send comments or questions to: WebMaster