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September 20, 2018 

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SCARCITY: A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. In slightly different words, this scarcity problem means: (1) that there's never enough resources to produce everything that everyone would like produced; (2) that some people will have to do without some of the stuff that they want or need; (3) that doing one thing, producing one good, performing one activity, forces society to give up something else; and (4) that the same resources can not be used to produce two different goods at the same time. We live in a big, bad world of scarcity. This big, bad world of scarcity is what the study of economics is all about. That's why we usually subtitle scarcity: THE ECONOMIC PROBLEM.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 6 of 20

Topic: Short Run <=PAGE BACK | PAGE NEXT=>

In the short run some prices are flexible and some prices are rigid. Rigid prices are most important to resource and labor markets.
  • Rigid prices prevent markets from eliminating surpluses and from reaching equilibrium.
  • In the labor market, surpluses mean unemployment and not reaching full employment.
  • Short run aggregate supply involves the interplay of many elements in addition to price rigidity.

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PERFECT COMPETITION, SHUTDOWN

A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).

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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for small children selling products door-to-door.
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More money is spent on gardening than on any other hobby.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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