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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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Lesson 6: Supply | Unit 2: Law of Supply Page: 6 of 19

Topic: Production Cost <=PAGE BACK | PAGE NEXT=>

An important question is: Why does the law of supply work?
  • The answer rests with production cost. In particular, the law of supply exists because of the law of increasing opportunity cost.
  • As we saw with production possibilities analysis, by increasing the production of a good, the opportunity cost of production increases.
  • Production cost increases as we increase production. To supply a larger quantity, producers need to cover these higher production costs with a higher price.

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PROPERTY RIGHTS

The legal ownership of resources, which entitles the owners to receive the benefits or pay the costs associated with productive activities of the resources. Property rights can be owned individually (to the exclusion of others) or jointly by several members of society. The institution of private property is a form of property rights essential to capitalism.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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