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October 21, 2024 

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WEIGHT: When applied to location theory, the relative attractive force of one activity to another based on transportation cost. The weight of an activity in this context is comparable to the weight of matter subject to gravitation forces. The weight of an activity is greater if it incurs higher transportation cost. As such, it is attracted, or pulled, to other activities to reduce transportation cost. With the weight (transportation cost) of an activity is often related to physical weight (heavier items cost more to move), it need not be. Other factors affecting weight include special handling (security, comfort) and type of transportation (walking, automobile, airplane).

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Lesson Contents
Unit 1: Buying Basics
  • The Concept
  • Demand Price
  • Quantity Demanded
  • Unit 1 Summary
  • Unit 2: Law of Demand
  • Definition
  • Income Effect
  • Substitution Effect
  • Unit 2 Summary
  • Unit 3: Demand Curve
  • Schedule
  • Curve
  • Space
  • Unit 3 Summary
  • Unit 4: Determinants
  • Ceteris Paribus Factors
  • Shifters: Increase
  • Shifters: Decrease
  • Types
  • Ch...Ch...Changes
  • Unit 4 Summary
  • Unit 5: Scarcity
  • Unlimited Wants
  • Unit 5 Summary
  • Course Home
    Market Demand

    This lesson on demand offers a little insight, not only into my Stuffed Amigo buying behavior, but into the purchases of a wide range of other goods, too, even goods that aren't cute and cuddly. In fact, this demand topic 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, which brings us back to this lesson.

    • In the first unit of this lesson, Buying Basics, 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, Law of Demand, then takes a look at the law of demand, which is one of the most important and fundamental economic principles that we'll encounter.
    • As we move on to the third unit, Demand Curve, our attention turns to the demand curve, which is the graphical embodiment of demand.
    • In the fourth unit, Determinants, we examine how the five basic demand determinants that cause the demand curve to shift from one location to another.
    • And finally in the fifth unit, Scarcity, we make a connection between demand and the fundamental problem of scarcity.

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    CONSTANT-COST INDUSTRY

    A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.

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    APLS

    BEIGE MUNDORTLE
    [What's This?]

    Today, you are likely to spend a great deal of time watching infomercials looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for a thesaurus filled with typos.
    Your Complete Scope

    This isn't me! What am I?

    Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
    "A stumble may prevent a fall. "

    -- Margaret Thatcher, British prime minister

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