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June 5, 2023 

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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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MONOPOLY AND EFFICIENCY: A monopoly firm generally produces less output and chargers a higher price than would be the case for a perfectly competitive industry. In particular, the price charged by a monopoly is not equal to (in fact, higher than) the marginal cost of production. The equality between price and marginal cost is THE key indication that resources are allocated efficiently and that society's resources are being used to generate the highest possible level of satisfaction.

     See also | monopoly | market control | marginal cost | demand curve | market failure | monopoly characteristics | monopoly and demand | monopoly profit | monopoly and perfect competition | inefficiency |


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MONOPOLY AND EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 5, 2023].


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SCIENTIFIC METHOD

A structured way of investigating and explaining the operation of the world by testing and verifying hypothesized relations. The scientific method is a process of discovery, a method of explaining the way the world operates. Positive economics is the application of the scientific method to economic analysis.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for rusty deck screws.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "

-- Jacques Yves Cousteau, marine explorer

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