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October 24, 2014 

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MARKET EQUILIBRIUM, NUMERICAL ANALYSIS: An analysis of market equilibrium using a table of numbers that combines a demand schedule and a supply schedule. A numerical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a graphical analysis using demand and supply curves.

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EXTERNALITIES: Costs or benefits that are not included in the market price of a good because they are not included in the supply price or the demand price. Pollution is an example of an externality cost if producers aren't the ones who suffer from pollution damages. Education is an example of an externality benefit when members of society other than students benefit from a more educated population. Externality is one type of market failure that causes inefficiency.

     See also | opportunity cost | market | supply price | demand price | market failure | efficiency | pollution | materials balance | good types | Pigouvian tax | Coase theorem |


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EXTERNALITIES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 24, 2014].


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ORDINAL UTILITY

The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--is measured by a ranking of preferences (first, second, third, etc.) that are only comparable on a relative basis. Ordinal utility does not presume that satisfaction is a measurable characteristic of a person, like height or weight, that can be compared against an established benchmark. The contrasting notion is cardinal utility, which is based on a numerical standard.

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APLS

State of the ECONOMY

Median weekly earnings
Second Quarter 2014
$780
Unchanged from the 1st quarter 2014

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a green fountain pen or a handcrafted bird house. Be on the lookout for telephone calls from former employers.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Do not let what you cannot do interfere with what you can do. "

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