March 23, 2018 

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INCOME, DEMAND DETERMINANT: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. Income affects demand differently for normal goods and inferior goods. A normal good, the name indicates, is affected by income much as you might expect. Additional income allows buyers to purchase more normal goods, thus demand increases with an increase in income. The demand for an inferior good is affected exactly opposite. An increase in income causes a decrease in the demand for an inferior good. Buyers decide to buy less of an inferior good when they have additional income.

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Lesson 7: Market | Unit 1: The Exchange Page: 1 of 22

Topic: What It Is <=PAGE BACK | PAGE NEXT=>

Market is the term we used to indicate voluntary trades among buyers and sellers. These trade involve a mutually agreeable quantity at a mutually agreeable price.

A definition:

A market is an organized exchange of commodities (including resources, goods, and services) among buyers and sellers, during a given time period.

Four important points about markets.

1. Markets are voluntary trades among buyers who want something (the demand side) and sellers who have something (the supply side).

2. The most important items traded are the goods and services that people consume, and the resources used to produce these goods and services.

3. Markets are the voluntary means of facing the scarcity problem. Government is the involuntary way of the facing scarcity problem.

4. Like demand and supply, markets are analyzed over a given time period.

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A preference for risk in which a person prefers risky income over guaranteed or certain income. Risk loving arises due to increasing marginal utility of income. A risk loving person prefers to undertake risk and is even willing to pay to do so. This is one of three risk preferences. The other two are risk neutrality and risk aversion.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for celebrities who speak directly to you through your television.
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