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January 25, 2015 

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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).

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SUPPLY: The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. Supply is one half of the market exchange process; the other is demand. This supply side of the market is directly connected to the limited resources dimension of the scarcity problem. Folks who have ownership and control over resources (labor, capital, land, and entrepreneurship) use them to produce the goods and services that satisfy other's wants and needs. Ownership and control of resources is the ultimate source of supply.

     See also | price | supply price | quantity supplied | market | exchange | demand | unlimited wants and needs | scarcity | satisfaction | income | supply curve | supply shock | supply determinants | supply space |


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SUPPLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2015. [Accessed: January 25, 2015].


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INTEREST RATES, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.

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APLS

State of the ECONOMY

New Orders for Manufactured Durable Goods
September 2014
$241.6 billion U.S. Commerce Dept.
Down 1.3% from August 2014

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BROWN PRAGMATOX
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