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RELATIVE POVERTY LEVEL: The amount of income a person or family needs to purchase a relative amount of basic necessities of life. These basic necessities are identified relative to the current structure of society and the economy. For example, while a refrigerator would be a basic necessity for someone living in the our modern U.S. economy, it probably would not be consider a necessity for nomads of sub-Saharan Africa or aborigines of Australia.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 14 of 20

Topic: More Demand and Less Supply <=PAGE BACK | PAGE NEXT=>

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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MARGINAL PRODUCT

The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.

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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for small children selling products door-to-door.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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