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CHANGE IN QUANTITY SUPPLIED: The movement along a supply curve caused by a change in the price of the good. This should be contrasted directly with a change in supply. You might also want to review the terms change in quantity demanded and change in demand, as well. A change in quantity supplied means that we have identified a NEW quantity on the existing supply curve. In contrast, a change in supply means that we have changed, moved, or shifted, the entire supply curve, the whole range of prices and quantities has changed.

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Lesson 1: Economic Basics | Unit 5: Policies Page: 16 of 18

Topic: Problems <=PAGE BACK | PAGE NEXT=>

Several problems prevent market deficiencies from being efficiently corrected by government action.

Government imperfections:

  • Voter Apathy: When people don't vote, leaders don't know what the public really wants.
  • Special Interest Groups: Those with influence, can adversely affect government policies.
  • Re-election Minded Politicians: Leaders who please only a few, won't represent everyone.
  • Complex Bureaucracies: Complexity keeps public workers from being responsible for their actions.

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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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