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GOODS: When used without an adjective modifier (like "final" goods or "intermediate" goods), this generically means physical, tangible products used to satisfy people's wants and needs. This term good should be contrasted with the term services, which captures the intangible satisfaction of wants and needs. As such, you will frequently see the plural combination of these two phrases together "goods and services" to indicate the wide assortment of economic goods produced using the economy's scarce resources. As you might imagine this general notion of wants and needs satisfying goods and services pops up throughout the study of economics.

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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 VARIABLE COST

    Total variable cost per unit of output, found by dividing total variable cost by the quantity of output. When compared with price (per unit revenue), average variable cost (AVC) indicates whether or not a profit-maximizing firm should shut down production in the short run. Average variable cost is one of three average cost concepts important to short-run production analysis. The other two are average total cost and average fixed cost. A related concept is marginal cost.

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    Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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