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RIGID PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, rigid (also termed inflexible or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most rigid in resource markets, especially labor markets, and the least rigid in financial markets, with product markets falling somewhere in between.

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Lesson 3: Scarcity | Unit 1: The Concept Page: 1 of 17

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

  • Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:
  • We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.
  • Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
  • We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
  • Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.

Limited resources are the other half of our scarcity problem.

  • Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
  • Resources are the things that make satisfaction possible.
  • Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.

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INNOVATION

The initial application of new products, technologies, and ideas that usually generate a beneficial improvement in society and the economy. In contrast to an invention, which is the act of creation, an innovation is the implementation of a product, technology, or idea. Innovations are changes in existing institutions and the status quo, prompted by risk-taking entrepreneurs, that promote prosperity and improved living standards.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for a thesaurus filled with typos.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, I used everything you gave me."

-- Erma Bombeck, writer

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