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OPPORTUNITY COST: The highest valued alternative foregone in the pursuit of an activity. This is a hallmark of anything dealing with economics--and life for that matter--because any action that you take prevents you from doing something else. The ultimate source of opportunity cost is the pervasive problem of scarcity (unlimited wants and needs, but limited resources). Whenever limited resources are used to satisfy one want or need, there are an unlimited number of other wants and needs that remain unsatisfied. Herein lies the essence of opportunity cost. Doing one thing prevents doing another.

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Lesson 8: Market Shocks | Unit 2: Determinants Page: 5 of 20

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

Five basic demand determinants:
  • Income: For a normal good an increase in income means an increase in demand. For an inferior good an increase in income means a decrease in demand.
  • Tastes: If people want more of a good, then demand increases.
  • Prices of other goods: A higher price of a substitute good means an increase in demand. A higher price of a complement good means an decrease in demand.
  • Buyer's expectations: If buyers expect higher prices tomorrow, they increase demand today.
  • Number of buyers: More buyers mean more demand.

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AUTONOMOUS INVESTMENT

Business investment expenditures that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in investment. Autonomous investment is best thought of as investment that the business sector undertakes regardless of the state of the economy. It is measured by the intercept term of the investment line. The alternative to autonomous investment is induced investment, which does depend on income.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for the last item on a shelf.
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Lombard Street is London's equivalent of New York's Wall Street.
"The time to repair the roof is when the sun is shining."

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currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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