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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.
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MACROECONOMIC MARKETS: Three sets of markets that make up the macroeconomy--product, financial, and resource--which exchange the three primary types of macroeconomic commodities--gross production, legal claims, and factor services. The four macroeconomic sectors--household, business, government, and foreign--interact through these three sets of markets. The primary objective of macroeconomic theories is to explain activity that takes place in these three sets of markets. See also | macroeconomic sectors | macroeconomic problems | macroeconomic theories | product market | financial market | resource market | economy | final goods and services | legal claim | factors of production | labor | capital | land | entrepreneurship | gross domestic product | household sector | business sector | government sector | foreign sector | export | import | tax | macroeconomics | market | demand | supply | macroeconomic goals | production | government functions | factors of production | household sector | business sector | government sector | foreign sector | circular flow | business cycles | economic system | capitalism | four estates | unemployment | inflation |
Recommended Citation:MACROECONOMIC MARKETS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 23, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: macroeconomic markets
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MARKET-CLEARING PRICE The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clearing price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for broken fingernail clippers.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"When we do the best we can, we never know what miracle is wrought in our life or in the life of another. " -- Helen Keller, lecturer, author
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SLLN
Strong Law of Large Numbers
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