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MACROECONOMIC MARKETS: Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets.

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Lesson 7: Market | Unit 5: The Method Page: 18 of 22

Topic: Efficient Markets <=PAGE BACK | PAGE NEXT=>

Rethinking demand and supply curves indicates efficiency of markets.

Market equilibrium has:

  • Equality between quantity demanded and quantity supplied.
  • Equality between demand price and supply price.
  • Equality between demand price and supply price means that the satisfaction obtained from the good produced is equal to the opportunity cost of production.
  • This equality between prices also means that the value of the good produced is equal to the value of goods not produced.

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PRODUCT INNOVATION

An innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas. The contrast is with a process innovation, which is an improvement in an existing product, technology, or idea.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall wanting to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?

It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

FX
Foreign Exchange
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