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HOUSING STARTS: The number of residential buildings (single-family and multi-family) construction units begun during a given time period (usually one month) based on the number of building permits issued. Housing starts are sensitive to interest rate changes and reflect the household sectors willingness to invest in new construction. It is a key indicator of business-cycle activity. More specifically, it is one of the 12 leading economic indicators tracked by the Bureau of Economic Analysis.
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 14 of 20
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Topic:
More Demand and Less Supply
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Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).- An increase in demand causes an increase in both price and quantity.
- A decrease supply causes price to increase and quantity to decrease.
- The combined effect is an obvious increase in price but a questionable change in quantity.
- At the new equilibrium the quantity is indeterminant.
- If demand shifts relatively more than supply, quantity is greater.
- If demand shifts relatively less than supply, quantity is less.
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CONSTRAINED UTILITY MAXIMIZATION The process of obtaining the highest possible level of utility from the consumption of goods or services, under given restrictions, when the highest overall level of utility cannot be reached. The notion of constrained utility maximization is a modification of the more general utility maximization assumption. It is based on the recognition that consumers might be restricted from achieving the absolute maximum level of utility. The primary restrictions tend to be the amount of income available relative to price paid. Constrained utility maximization generally does reach the peak of the total utility curve.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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The average length of a "business lunch" is about 36 minutes.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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CSO
Central Statistical Office
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