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SECOND RULE OF SUBJECTIVITY: The second of seven basic rules of the economy. It is the notion that market prices are ultimately determined by subjective values and preferences of buyers and resource owners. While regular, everyday consumers are prone to accept the prices "set" by retail stores and other sellers as etched in stone (perhaps along with the Biblical ten commandments), such is not the case. The price of a product depends on two things, demand (especially the demand price that buyers are willing to pay) and supply (especially the supply price that sellers are willing to accept). Both, I repeat both, are subjectively determined. By subjective, I mean they are based on the values, beliefs, tastes, and preferences of people.
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GOVERNMENT SECTOR: The basic macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector is to force resource allocation decisions that might not otherwise be made by the rest of the economy. This is one of four macroeconomic sectors. The other three are household sector, business sector, and foreign sector. See also | government | public sector | private sector | government purchases | taxes | government borrowing | government functions | good types | market failures | public choice | household sector | business sector | foreign sector | circular flow |
Recommended Citation:GOVERNMENT SECTOR, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 28, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: government sector
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INTERCEPT, INVESTMENT LINE The intercept of the investment line indicates autonomous investment, investment that does not depend on the level of income or production. This can be thought of as investment that the business sector undertakes regardless of the state of the economy. Autonomous investment is affected by the investment expenditures determinants, which cause a change in the intercept and a shift of the investment line.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In the early 1900s around 300 automobile companies operated in the United States.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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CCC
Commodity Credit Corporation (US)
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