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VALUE: Quite simply, this is the amount of consumer satisfaction directly or indirectly obtained from a good. service, or resource. The more a good satisfies a person's want or need, then the more valuable it is to that person. Furthermore, different people are likely to place different values on a good. Resources are valuable to the degree that they are used to produce stuff that consumers want. The bottom line is that value, like beauty, is truly in the eye of the beholder.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 4 of 20

Topic: Shifts <=PAGE BACK | PAGE NEXT=>

Shifts in the demand curve are originated by changes in the demand determinants and shifts in the supply curve by changes in the supply determinants.

Determinant changes cause shifts:

  • Increase in demand is a rightward shift.
  • Decrease in demand is a leftward shift.
  • Increase in supply is a rightward shift.
  • decrease in supply is a leftward shift.
Note that:
  • An increase in demand and an increase in supply both are rightward shifts.
  • A decrease in demand and a decrease in supply both are leftward shifts.

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MARGINAL BENEFIT OF SEARCH

The incremental benefit generated by additional search effort is the marginal benefit of search. Marginal benefit of search, also termed marginal search benefit, is comparable to marginal revenue of short-run production analysis and marginal utility of consumer demand theory. Marginal benefit of search decreases with an increase in search effort and is represented by the marginal benefit of search curve. This is one half of the efficient information search decision. The other is marginal cost of search.

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Today, you are likely to spend a great deal of time lost in your local discount super center hoping to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

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