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October 31, 2014 

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HOUSEHOLD: The consuming population of an economy, which pretty much includes every living, breathing human being in a nation. The key contrast here is with business, the organizations responsible for production. In terms of the circular flow, households buy production from businesses through product markets and supply resources to business through factor markets. Check out the household sector for more.

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MARKET CLEARING: The price and quantity that equates the quantity demanded and quantity supplied; equates the demand price and supply price; and achieves market equilibrium. In other words, the market is "cleared" of shortages and surpluses.

     See also | quantity demanded | quantity supplied | shortage | surplus | market equilibrium | equilibrium price | equilibrium quantity | market disequilibrium |


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MARKET CLEARING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2014. [Accessed: October 31, 2014].


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COMPLEMENT-IN-PRODUCTION

One of two (or more) goods that are simultaneously produced using a given resource. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement good causes an increase in supply for the other.

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APLS

State of the ECONOMY

Productivity
2nd Quarter 2014
Up 2.3% from 1st Quarter 2014
Source: BLS

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WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for the happiest person in the room.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Anyone who has never made a mistake has never tried anything new. "

-- Albert Einstein, physicist

BPEA
Brookings Papers on Economic Activity
A PEDestrian's Guide
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