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January 22, 2019 

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MACROECONOMICS: The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees.

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SUBSTITUTE-IN-CONSUMPTION: One of two goods that can replace each other in consumption--that is, each provides the same basic satisfaction of wants and needs. A substitute good is one of two alternatives falling within the other prices determinant of demand. The other is complement good. An increase in the price of one substitute good causes an increase in demand for the other. A substitute good has a positive cross price elasticity.

     See also | demand | other prices | consumption | demand curve | demand determinants | demand shock | comparative statics | elasticity | cross elasticity of demand | substitute-in-production |


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SUBSTITUTE-IN-CONSUMPTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 22, 2019].


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PRICE RATIONING

The distribution or allocation of a limited commodity using markets and prices. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses. Markets ration commodities by limiting the purchase only to those buyers willing and able to pay the price.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

-- Mark Victor Hansen

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