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SCARCE: The general condition indicating that a good or resource is limited relative to the what people want. In terms of ALL resources and goods throughout society, the related term scarcity is used. Being scarce is what makes it possible to exchange goods and resources through markets, and most importantly, charge a price. If a good is not scarce, which means that the economy has more than enough to satisfy all available uses, then there is no way to sell it. Who would buy such an item, pay a price for it, give up something of value in exchange for it, when it is so abundant? Likewise, if a item is so abundant, using it to satisfy one use does not impose an opportunity cost on other uses.

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 20 of 20

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  • The important role of ceteris paribus in the study of the market, which allows us to isolate particular changes in the demand and supply determinants.
  • The six steps for market adjustment and why the sequence of the cause and effect links is an essential element in economic analysis.


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MARGINAL FACTOR COST, MONOPSONY

The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for the last item on a shelf.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

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