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EQUIPMENT: One of the main categories of capital. Other categories are structures and inventories.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 2 of 20

Topic: Demand Price <=PAGE BACK | PAGE NEXT=>

More we need to consider about demand. First the demand price.

Demand price is the maximum price that buyers would be willing and able to pay for a given quantity of a good.

  • The emphasis is on maximum. Buyers have an upper limit on the price that they would be willing and able to pay for a good.
  • Buyers are willing and able to pay a lower price. In fact, they would be glad to get it for free.
  • The maximum demand price is based on the fact of economic life that people prefer more to less.

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VARIABLE INPUT

An input whose quantity can be changed in the time period under consideration. The most common example of a variable input is labor. Variable inputs provide the means used by a firm to control short-run production. The alternative to variable input is fixed input. A fixed input, like capital, provides the capacity constraint in production. As larger quantities of a variable input, like labor, are added to a fixed input like capital, the variable input becomes less productive, which is the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time browsing about a thrift store seeking 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 pencil sharpeners with an attitude.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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