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TOTAL PRODUCT: The total quantity of output produced by a firm for a given quantity of inputs. Total product is the foundation upon which the analysis of short-run production for a firm is analyzed. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital). Two related concepts derived from total product are average product and marginal product.

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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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UNIT ELASTIC

An elasticity alternative in which changes in one variable (usually price) cause equal proportional changes in another variable (usually quantity). In other words, any change in price, whether big or small, triggers exactly the same percentage change in quantity. Quantity changes match price changes. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Unit elastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic.

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for mail order catalogs with hidden messages.
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The average bank teller loses about $250 every year.
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