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AMERICAN ECONOMIC ASSOCIATION: An organization of over 25,000 professional economists. Founded in 1885, this premier top-of-the-economic-association-list publishes the prestigious American Economic Review, arguably THE number one scholarly U.S. economic journal and the Journal of Economic Literature, arguably THE number one index of economic journal publications. The AEA, as acronymically inclined economists call it, also sponsors an annual conference where professional economists present scholarly papers on their latest scholarly research.
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Lesson 3: Scarcity | Unit 1: The Concept
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Page: 2 of 17
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We live in a big, bad world of scarcity. Meaning: - There's never enough resources to produce everything that everyone wants,
- Some people have to do without some of the stuff that they want or need,
- The same resources can not be used to produce two different goods at the same time, and
- Doing one thing, producing one good, performing one activity, forces you to give up something else.
Then: - Scarcity is what the study of economics is all about.
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GAINS FROM TRADE The combination of consumer surplus and producer surplus obtained by buyers and sellers when engaging in a market exchange. Gains from trade arise because buyers are typically willing and able to pay a higher price to purchase a good than what they end up paying and because sellers are typically willing and able to accept a lower price to sell a good than what they end up receiving. Both sides of the market exchange are thus better off, have a net gain in welfare, by making the trade. While all types of market exchanges generate gains from trade, this topic is perhaps most important for an understanding of international trade.
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BLACK DISMALAPOD
[What's This?]
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 country wreathe or galvanized steel storage shelves. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope
This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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PPI
Producer Price Index
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