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NOMINAL: The actual dollar price of stuff when it's bought or sold. The contrast is with the term real, which is actual value adjusted for price changes or inflation.

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

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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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FIRM OBJECTIVES

The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms, however, might not, and many times do not, make decisions based on the profit-maximization objective, or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for crowded shopping malls.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Whenever you fall, pick up something. "

-- Oswald Avery, scientist

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