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August 15, 2020 

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RESERVATION PRICE: The lowest price at which a supplier is willing to supply any amount of a good. This is usually based on the minimum cost of production. For labor, it's the lowest wage that makes it worthwhile to get up in the morning, miss your favorite daytime television shows, and go to work.

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HEDONIC: Derived from the philosophy of hedonism (that happiness is the chief good in life), the notion that value is ultimately dependent on the satisfaction of wants and needs. The word hedonic is most often used together with the word price, as in hedonic price. This suggests the view that price is based on the satisfaction generated by consuming a good, regardless of the source of the satisfaction. This notion of hedonic is closely related to, and largely indistinguishable from, the more common concept of utility.

     See also | satisfaction | price | hedonic price | utility | wants and needs | hedonic pricing model | second rule of subjectivity | consumption |


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PRICE LEVEL

The average of the prices of goods and services produced in the aggregate economy. In a theoretical sense, the price level is the price of aggregate production. In a practical sense, the price level is commonly measured by either of two price indexes, the Consumer Price Index (CPI) or the GDP price deflator. The CPI is the price index widely publicized in the media and used by the general public. The GDP price deflator, in contrast, is less well-known, but is usually the price index of choice among economists. The inflation rate is calculated as the percentage change in the price level.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for slow moving vehicles with darkened windows.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. "

-- Isaac Newton, mathematician, physicist

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