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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 3: Scarcity | Unit 2: Resources Page: 6 of 17

Topic: Free or Scarce? <=PAGE BACK | PAGE NEXT=>

We have limited resources. Limited resources can be free or scarce.
  • Scarce Resource. A resource is scarce if it can't produce all of the goods people want it to produce.
  • Scarce resource and scarcity are related. Scarcity is the society-wide condition in which resources are limited related to all wants and needs. Scarce resource is the condition that applies to a specific resource.
  • Free Resources. A resource is free if it can produce all of the goods people want it to produce and then some. We can have free resources, even though society faces the condition of scarcity.

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SELLERS' MARKET

A disequilibrium condition in a competitive market that has a shortage or excess demand. Because the quantity demanded is greater than the quantity supplied, sellers have the "upper hand" when negotiating. A sellers' market also goes by the more common term of shortage. The alternative to a sellers' market is a buyers' market, which has a surplus or excess supply.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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