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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.
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Lesson 6: Supply | Unit 4: Determinants
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Page: 12 of 19
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Topic:
Ceteris Paribus Factors
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Ceteris paribus is the notion that other things remain constant. We make this assumption because things other than price affect supply.- These other, ceteris paribus factors, give us useful analytical tools for examining supply and the market.
- We can turn these factors off and on to better understand how the market works.
- The ceteris paribus factors are called determinants of supply.
Once again, we apologize for the instructors feeble attempt to speak Spanish. We warned him, but he wouldn't listen.He has been placed on double-secret probation. Once again, we regret any inconvenience this may have caused. -The Management
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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for strangers with large satchels of used undergarments.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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ICCH
International Commodities Clearing House
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