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February 21, 2017 

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SECOND RULE OF SUBJECTIVITY: The second of seven basic rules of the economy. It is the notion that market prices are ultimately determined by subjective values and preferences of buyers and resource owners. While regular, everyday consumers are prone to accept the prices "set" by retail stores and other sellers as etched in stone (perhaps along with the Biblical ten commandments), such is not the case. The price of a product depends on two things, demand (especially the demand price that buyers are willing to pay) and supply (especially the supply price that sellers are willing to accept). Both, I repeat both, are subjectively determined. By subjective, I mean they are based on the values, beliefs, tastes, and preferences of people.

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NATURAL RESOURCES: The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the "stuff" that's used to produce all of the tangible products in the economy, including both consumer goods used for immediate satisfaction of wants and needs and capital used for further production.

     See also | resources | land | factors of production | labor | capital | entrepreneurship | pollution |


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NATURAL RESOURCES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2017. [Accessed: February 21, 2017].


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LEAKAGES

Non-consumption uses of aggregate income. The three uses of income grouped under the heading of leakages are saving, taxes, and imports. Leakages subtract from the core circular flow containing consumption, production, and income. The injections-leakages model is a Keynesian economics analysis that combines leakages with injections (investment expenditures, government purchases and exports) to identify the equilibrium level of aggregate production and income.

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APLS

State of the ECONOMY

Consumer Price Index Urban
November 2016
241.353
Up 0.2% from Oct. 2016 Source: BLS

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for pencil sharpeners with an attitude.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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