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MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."

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ECONOMIC: Relating to economics or the study of the economy. This word is commonly added to other terms to emphasize its importance to economics. A few examples are economic cost, economic profit, economic goal, economic policies, and economic thinking.

     See also | economics | economy | economic cost | economic profit | economic goal | economic policies | economic thinking | economic rent | economic science | economic production | economic growth | economic development | economic good | economic analysis | economize |


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SCARCE GOOD

A tangible item produced with society's limited resources for the purpose of satisfying wants and needs. As a general notion, the phrase scarce good can also commonly include intangible services produced with society's limited resources for the purpose of satisfying wants and needs. A synonymous term for scarce good is economic good.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for strangers with large satchels of used undergarments.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
"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."

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