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AMERICAN ASSOCIATION OF UNIVERSITY PROFESSORS: An association of university and college faculty established in 1915 to protect academic freedom. Commonly abbreviated AAUP, this association is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

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Lesson 5: Market Demand | Unit 1: Buying Basics Page: 1 of 20

Topic: The Concept <=PAGE BACK | PAGE NEXT=>

The concept of demand is fundamental to the study of the market and economics. It is the first of two sides of the market that we'll study.

A definition:

Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time.

Three points:

  • Willingness and ability.
  • Range of quantities and prices.
  • A given time period.

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RATIONAL ABSTENTION

The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.

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APLS

BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

BEA
Bureau of Economic Analisys
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