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JOINT PRODUCTION: The simultaneous production of two or more goods from the same resource. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Joint production can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residuals.

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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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    PLANT

    The physical capital (building and equipment) at a particular location used for the production of goods and services. A plant, or factory, is usually a relatively large production operation (compared with something smaller, like a shop). While plant and firm are occasionally used synonymously, a given firm might own more than one plant and a given plant might be owned by more than one firm.

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    Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for attractive cable television service repair people.
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    Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
    "Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

    -- B. C. Forbes, founder, Forbes magazine

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