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NONDURABLE: A good bought by consumers that tends to last for less than a year. Common examples are food and clothing. The notable thing about nondurable goods is that consumers tend to continue buying them regardless of the ups and downs of the business cycle.
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MARKET PERIOD: A period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. In other words, you've produced the good, you're not going to produced any more for now, all that remains is to sell it. You should compare market period with short run and production, long run and production, and very long run. See also | fixed input | variable input | perfectly inelastic | short-run production | long-run production | very long run |
Recommended Citation:MARKET PERIOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 20, 2024].
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SUPPLY DETERMINANTS Five ceteris paribus factors that affect supply, but which are assumed constant when a supply curve is constructed. They are resource prices, production technology, other prices, sellers' expectations, and number of sellers. Changes in the supply determinants cause shifts of the supply curve and disruptions of the market.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for door-to-door salesmen.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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SLLN
Strong Law of Large Numbers
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