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WORLD VIEW: An aspect of a scientific theory that includes fundamental, and unverifiable axioms, beliefs, and values about how the world works. On example of an unverifiable world view axiom is belief in the existence of supreme, omnipotent, omniscience being. Political philosophies, which are essential to economic theories, are intertwined with alternative world views.

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Lesson 6: Supply | Unit 3: Supply Curve Page: 8 of 19

Topic: Schedule <=PAGE BACK | PAGE NEXT=>

This table is a supply schedule presenting the relationship between supply price and quantity supplied.

Our relationship is between the supply price in the middle column and the quantity of stuffed animals supplied in the right-hand column.

Assumptions:

  • Ceteris paribus factors do not change.
  • Quantities are supplied for a specific time period, such as one year.
Some observations about the supply schedule:
  • First, higher prices go with larger quantities supplied-the law of supply.
  • Second, the prices are minimum values for the given quantities.
  • Third, supply is the whole set of price/quantity pair numbers. Quantity supplied is any single number at the specified price.
  • Fourth, these numbers are hypothetical, presenting a 'what if' relationship.

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UTILITY ANALYSIS

A subset of consumer demand theory that analysis consumer behavior and market demand using total utility and marginal utility. The key principle of utility analysis is the law of diminishing marginal utility, which offers an explanation for the law of demand and the negative slope of the demand curve.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for crowded shopping malls.
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More money is spent on gardening than on any other hobby.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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