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ALLOCATIVE EFFICIENCY: Obtaining the most consumer satisfaction from available resources. Allocative efficiency means that our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources -- that is, of addressing the problem of scarcity.

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Lesson 5: Demand | Unit 4: Determinants Page: 16 of 20

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The five determinants that cause the demand curve to shift are:
  • Income: Income affects the ability of buyers to buy. It can affect a good in two ways-normal or inferior.
  • Preferences: Preferences, our likes and dislikes, affect the willingness of buyers to buy.
  • Prices of other goods: Other goods can be either substitutes or complements to the good we're analyzing.
  • Expectations: Buyers' current demand depends on expectations of future prices.
  • Number of buyers: More buyers, more demand. Fewer buyers, less demand.
These categories include all factors other than price that affect demand.

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FEDERAL DEPOSIT INSURANCE CORPORATION

An independent agency of the federal government that insures deposits in banks and other depository institutions which is intended to preserve and promote public confidence in the U.S. financial system. The Federal Deposit Insurance Corporation (FDIC) was created in 1933 in response to the thousands of bank failures that occurred during the Great Depression. It is one of the key agencies, along with the Federal Reserve System and Comptroller of the Currency, responsible regulating the U.S. banking industry.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Oslo Stock Exchange (Norway)
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