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May 30, 2015 

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EFFICIENT: The state of resource allocation the exists when the highest level of consumer satisfaction is achieved from the available resources. Competitive markets, absent of any market failure and especially market control by either side, is efficient. In particular, this feat is accomplished when the price buyers are willing and able to pay for a good--based on the satisfaction obtained--is equal to the price sellers need to charge for a good--based on the opportunity cost of production. In other words, the value (satisfaction) of stuff given up to get a good is the same as the value (satisfaction) of the good produced. Satisfaction won't increase by producing more of either.

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DEMAND: The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period. Demand is one half of the market exchange process; the other is supply. This demand side of the market draws inspiration from the unlimited wants and needs dimension of the scarcity problem. People desire the goods and services that satisfy our wants and needs. This is the ultimate source of demand.

     See also | price | demand price | quantity demanded | market | exchange | supply | unlimited wants and needs | scarcity | satisfaction | income | demand curve | demand shock | demand determinants | demand space |


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DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: May 30, 2015].


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AVERAGE-MARGINAL RELATION

A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.

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May 29, 2015
.25%
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Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for strangers with large satchels of used undergarments.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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