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WEALTH: The net ownership of material possessions and productive resources. In other words, the difference between physical and financial assets that you own and the liabilities that you owe. Wealth includes all of the tangible consumer stuff that you possess, like cars, houses, clothes, jewelry, etc.; any financial assets, like stocks, bonds, bank accounts, that you lay claim to; and your ownership of resources, including labor, capital, and natural resources. Of course, you must deduct any debts you owe.
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Lesson 7: Market | Unit 4: Adjustment
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Page: 13 of 22
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Markets have a built-in self correction mechanism:- If a market is at equilibrium, it remains there.
- If a market is not at equilibrium, it moves to equilibrium.
- A market does not need someone (like government) controlling it to ensure that it reaches equilibrium.
Three price alternatives:- At equilibrium, nothing changes.
- Below equilibrium, a shortage.
- Above equilibrium, a surplus.
- By creating shortages and surpluses, non-equilibrium prices induce the price to change. These changing prices move the market back to equilibrium.
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DERIVATION, PRODUCTION POSSIBILITIES CURVE A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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APT
Arbitrage Pricing Theory
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