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HDI: An abbreviation of the Human Development Index, whichn is a summary composite index that measures a country's average achievements in three basic aspects of human development: longevity, knowledge, and a decent standard of living. Longevity is measured by life expectancy at birth; knowledge is measured by a combination of the adult literacy rate and the combined primary, secondary, and tertiary gross enrollment ratio; and standard of living is measured by GDP per capita. The Human Development Index (HDI), reported in the Human Development Report of the United Nations, is an indication of where a country is development wise. The index can take value between 0 and 1. Countries with an index over 0.800 are part of the High Human Development group. Between 0.500 and 0.800, countries are part of the Medium Human Development group and below 0.500 they are part of the Low Human Development group.

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Lesson 5: Demand | Unit 1: Buying Basics Page: 3 of 20

Topic: Quantity Demanded <=PAGE BACK | PAGE NEXT=>

Second, quantity demanded.

Quantity demanded is the specific quantity of a good that buyers would be willing and able to buy at a specific price.

  • Price and quantity demanded are a pair of numbers that go together.
Quantity demanded is not the same as demand.
  • Demand is the entire range of prices and quantities (all pairs of numbers).
  • Quantity demanded is a specific quantity at a specific price (a quantity paired with a price).

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KEYNESIAN DISEQUILIBRIUM

The state of the Keynesian model in which aggregate expenditures are not equal to aggregate production, which results in an imbalance that induces a change in aggregate production. In other words, the opposing forces of aggregate expenditures (the buyers) and aggregate production (the sellers) are out of balance. At the existing level of aggregate production, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the production that they seek or producers are unable to sell all of the production that they have.

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Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for rusty deck screws.
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In the early 1900s around 300 automobile companies operated in the United States.
"As the births of living creatures at first are ill-shapen, so are all innovations, which are the births of time. "

-- Sir Francis Bacon, philosopher

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Journal of Political Economy
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