March 23, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
ECONOMIES OF SCOPE: A production process in which it is cheaper to produce two (or more) products together rather than separately. This property is also termed joint production. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Economies of scope can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residual.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

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.

Course Home | Lesson Menu | Page Back | Page Next


The quantitative probability of different future outcomes occurring. The assignment of probabilities can be subjective (based on a "feeling") or objective (based on historical data). Risk is related to the concept of uncertainty, which is simply not knowing what the future holds. People have three alternative preferences when confronting risk -- risk aversion, risk neutrality, and risk loving. Risk aversion is key to the provision of insurance.

Complete Entry | Visit the WEB*pedia


[What's This?]

Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for attractive cable television service repair people.
Your Complete Scope

This isn't me! What am I?

Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

-- Elizabeth Stuart Phelps, Writer

Negotiable Order of Withdrawal
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback

| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster