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SCIENTIFIC METHOD: A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relationships. The scientific method is a process of discovery, a method of explaining phenomena that can be better understood with an overview of theory, principles, world view, hypothesis, and verification.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 1 of 20

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The concept of demand is fundamental to the study of the market and economics. It is the first of two sides of the market that we'll study.

A definition:

Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time.

Three points:

  • Willingness and ability.
  • Range of quantities and prices.
  • A given time period.

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PRICE FLOOR

A legally established minimum price that is imposed on a market ABOVE the price that otherwise would be achieved in equilibrium. A price floor is placed on a market with the goal of keeping the price high, presumably based on the notion that the equilibrium price is too low. If imposed on a competitive market free of market failures, a price floor creates a surplus, or excess supply.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

-- William Ward ‚ Texas Wesleyan University Administrator

ECLA
Economic Commission for Latin America
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