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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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Lesson 7: Market | Unit 4: Adjustment Page: 14 of 22

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

A shortage exists if the quantity demanded is greater than the quantity supplied at the current market price.
  • A shortage exists if the market price is 30 cents.
  • The quantity supplied is 200 tapes and the quantity demanded is 600 tapes, giving a shortage of 400 tapes.
  • This shortage induces the price to rise up to the equilibrium level of 50 cents.

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NEEDS

The physiological or biological requirements for maintaining life, such as air, water, food, shelter, and sleep. Physiological needs are often contrasted with psychological wants that make life more enjoyable, but are not essential for existence.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

AOQ
Average Outgoing Quality
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