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HOUSING STARTS: The number of residential buildings (single-family and multi-family) construction units begun during a given time period (usually one month) based on the number of building permits issued. Housing starts are sensitive to interest rate changes and reflect the household sectors willingness to invest in new construction. It is a key indicator of business-cycle activity. More specifically, it is one of the 12 leading economic indicators tracked by the Bureau of Economic Analysis.
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Lesson 7: Market | Unit 5: The Method
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Page: 22 of 22
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- How efficient use of resources can automatically result from the self-correcting tendency of markets to achieve equilibrium.
- The demand price on the demand curve as the value of goods produced by society.
- The supply price on the supply curve as the value of goods not produced by society.
- How too much or too little production generates inequality between the demand price and the supply price, and prevents efficiency.
- How market imperfections, including the lack of competition and externalities, prevent efficiency.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
Complete Entry | Visit the WEB*pedia |
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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JPUBE
Journal of Public Economics
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