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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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Lesson 8: Market Shocks | Unit 1: Adjustments
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In this lesson we use the market as a tool to understand our economic world, specifically, we see how markets move from one equilibrium to another. One goal of this lesson: - Use the market model to examine the why and how of market shocks, adjustments to a new equilibrium.
Why do we do this?- Markets in the real world do not remain at the same equilibrium forever. Markets move. Prices and quantities change.
To understand real world changes, we need to analyze what happens to the market when a shock disrupt it.
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PHENOMENON An event or action that is subject to investigation, analysis, and explanation using the scientific method. Phenomena are the sorts of things that science seeks to explain. They can be common events, like the blowing wind, or unusual, like the extinction of the dinosaurs.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. " -- Henry David Thoreau, philosopher
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LRAC
Long Run Average Cost
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