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MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."

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Lesson 13: The Firm | Unit 1: Introduction Page: 1 of 24

Topic: A Definition <=PAGE BACK | PAGE NEXT=>

  • A general notion of a business:

  • A business is a profit-motivated organization that combines resources for the production and supply of goods and services.
  • The term business is often used interchangeably with the term firm, the namesake of this lesson:

  • A firm is an organization that combines resources for the production and supply of goods and services.
  • Two non-profit pursuing firms that stand out are public (or government) firms and appropriately named non-profit firms.

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INFLATIONARY GAP, KEYNESIAN MODEL

The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is greater than full-employment aggregate production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion. The prescribed Keynesian remedy for an inflationary gap is contractionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is a recessionary gap.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a package of blank rewritable CDs or yellow cotton balls. 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.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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