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TRANSFERRABLE OUTPUT: An output that has a relatively large geographic market area due to the low cost of transportation. The low transportation cost means it is easier (that is, less expensive) to bring the output to the consumers rather than locating consumers near the output. Like many things, transferrable outputs are a matter of degree. At the other end of the spectrum lies local outputs. Most manufactured goods tend to have a high degree of transferability. Information, especially through television broadcasting and Internet web sites, is also relatively easily transported.
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Lesson Contents
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Unit 1: Buying Basics |
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Unit 2: Law of Demand |
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Unit 3: Demand Curve |
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Unit 4: Determinants |
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Unit 5: Scarcity |
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Unit 6:
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Demand
This lesson on demand offers a little insight into the purchases of a wide range of goods. In fact, this demand topic is does more than offer insight into buying behavior. It's also one half of the market analysis -- the other half being supply. And market analysis is one of the most widely used tools in the study of economics. Economists explain a lot of economic phenomenon using markets. But to use markets, we need demand. And that brings us back to this lesson. - In the first unit of this lesson we examine the basic concept of demand. While you've likely come across the term demand before, we'll see the specific way the term is used in economics.
- The second unit then takes a look at the law of demand, which is one of the most important and most fundamental economic principles that we'll encounter.
- As we more on to the third unit, our attention turns to the demand curve, which is the graphical embodiment of the demand concept.
- In the fourth unit, we examine how the five basic demand determinants cause the demand curve to shift from one location to another.
- And finally in the fifth unit, we make a connection between demand and the fundamental problem of scarcity.
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MANAGED FLEXIBLE EXCHANGE RATE An exchange rate control policy in which an exchange rate that is generally allowed to adjust to equilibrium levels through to the interaction of supply and demand in the foreign exchange market, but with occasional intervention by government. Also termed managed float or dirty float, most nations of the world currently use a managed flexible exchange rate policy. With this alternative an exchange rate is free to rise and fall, but it is subject to government control if it moves too high or too low. With managed float, the government steps into the foreign exchange market and buys or sells whatever currency is necessary keep the exchange rate within desired limits. This is one of three basic exchange rate policies used by domestic governments. The other two policies are flexible exchange rate and fixed exchange rate.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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PI
Personal Income
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