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BUYERS' EXPECTATIONS: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. The other four are income, preferences, other prices, and number of buyers. If buyers expect the future price will be greater, then they're likely to buy more today, to avoid the higher future price. Alternatively, if buyers expect a lower future price, then they're likely to buy less today, awaiting the lower price. A higher future price induces an increase in demand and a lower future price induces a decrease in demand.

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Lesson 3: Scarcity | Unit 5: THE Problem Page: 15 of 17

Topic: No Free Lunch <=PAGE BACK | PAGE NEXT=>

An important aspect of scarcity is the fact that almost nothing is free.
  • That's why economists are fond of saying: 'There ain't no such thing as a free lunch.
We have always faced limited resources and we've always wanted more than we can produce.
  • Scarcity is definitely THE Economic Problem.
  • Everything we do from in economic terms-production, consumption, working, attending college-is directed toward this problem.
  • Scarcity is important to many, perhaps even all, other human activities.
  • Education? Without scarcity, education is not needed.
  • Government? Without scarcity, government is not needed.
  • What about vacations, religion, television?

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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for celebrities who speak directly to you through your television.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"Anyone who has never made a mistake has never tried anything new. "

-- Albert Einstein, physicist

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