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TRANSACTION COSTS: The costs that arise when dealing or trading with others that are beyond the price. These include the costs of negotiating, writing and enforcing contracts. When buying or selling securities for example, transaction costs include brokers' commissions and dealers' spreads.

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Lesson 8: Market Shocks | Unit 1: Adjustments Page: 1 of 20

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In this lesson we use the market as a tool to understand our economic world, specifically, we see how markets move from one equilibrium to another.

One goal of this lesson:

  • Use the market model to examine the why and how of market shocks, adjustments to a new equilibrium.
Why do we do this?
  • Markets in the real world do not remain at the same equilibrium forever. Markets move. Prices and quantities change.
  • To understand real world changes, we need to analyze what happens to the market when a shock disrupt it.

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    OTHER PRICES, SUPPLY DETERMINANT

    The prices of other goods that influence the decision to sell a particular good, which are assumed constant when a supply curve is constructed. Other prices can be for goods that are either substitutes-in-production or complements-in-production. This is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, sellers' expectations, and number of sellers.

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    GRAY SKITTERY
    [What's This?]

    Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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    This isn't me! What am I?

    A half gallon milk jug holds about $50 in pennies.
    "Good judgment comes from experience, and often experience comes from bad judgment."

    -- Rita Mae Brown ‚ Writer

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