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ANDEAN COMMUNITY: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.

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Lesson Contents
Unit 1: The Set Up
  • Demand Review
  • Bring On Utility
  • Choices
  • Unit 1 Summary
  • Unit 2: A Simple Choice
  • One Good
  • Demand For A Good
  • Unit 2 Summary
  • Unit 3: Complex Choices
  • Two Goods
  • How Much Of Each?
  • A Short Cut?
  • Income And Prices
  • Rule Of Consumer Equilibrium
  • Unit 3 Summary
  • Unit 4: On To Demand
  • A Generalized Choice
  • A Price Change
  • Marginal Utility Curve
  • Unit 4 Summary
  • Unit 5: Beyond Demand
  • Many Choices
  • Demand Elasticity
  • Market Supply
  • Unit 5 Summary
  • Course Home
    Utility and Demand

    This lesson undertakes a detailed investigation into the decision-making process underlying the purchase of goods and services. Doing so provides a behind-the-scenes examination of market demand, offering an explanation for the inverse relation between demand price and quantity demanded that is the law of demand.

    • The first unit of this lesson, The Set Up, begins with a review of the market demand and consumer demand theory.
    • In the second unit, A Simple Choice, we examine the decision-making process for purchasing a single good.
    • The third unit, Complex Choices, then complicates matters slightly by adding a second good into the decision making mix.
    • The fourth unit, On To Demand, presents the rule of consumer equilibrium that captures the essence of this decision-making process and how it helps explain the law of demand.
    • The fifth unit and final unit, Beyond Demand, explores how consumer demand theory provides insight to noneconomic choices, demand elasticity, and market supply.

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    AVERAGE REVENUE CURVE, PERFECT COMPETITION

    A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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    APLS

    WHITE GULLIBON
    [What's This?]

    Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for jovial bank tellers.
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    This isn't me! What am I?

    Al Capone's business card said he was a used furniture dealer.
    "And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

    -- Andrew Carnegie, entrepreneur

    ISDA
    International Swaps and Derivatives Association
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