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DEMAND DECREASE: A decrease in the willingness and ability of buyers to buy a good at the existing price, illustrated by a leftward shift of the demand curve. A decrease in demand results in a decrease in equilibrium quantity and a decrease in equilibrium price.

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Lesson 3: Scarcity | Unit 3: Opportunity Cost Page: 11 of 17

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  • The basic concept of opportunity cost as the highest valued alternative foregone in the pursuit of an activity.
  • How the fact that limited resources have alternative uses intertwines the notion of opportunity cost and the basic problem of scarcity.
  • Why economic cost is synonymous with opportunity cost.
  • Why opportunity cost need not be measured in money terms.
  • The difference between explicit and implicit opportunity cost.

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AUTOMATIC TRANSFER SERVICE ACCOUNTS

Deposit accounts offered by commercial banks, credit unions, savings and loan associations, and mutual savings banks that automatically transfer funds from interest-paying savings account to checking accounts when needed to process checks or to maintain minimum balances. Automatic transfer service (ATS) accounts effectively function as interest-paying checking accounts and are considered as one type of checkable deposits. Other checkable deposits are demand deposits (standard checking accounts), negotiable order of withdrawal (NOW) accounts, and share draft accounts.

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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

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