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GOLDSMITH BANKING: An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 11 of 20

Topic: Less Supply <=PAGE BACK | PAGE NEXT=>

The six steps for a decrease in supply:
  • A determinant changes. Sellers expect higher prices.
  • A curve to shifts. The supply curve for hot fudge sundaes shifts leftward.
  • A shortage or a surplus occurs. The decrease in supply causes a shortage of hot fudge sundaes.
  • The price changes. The price of hot fudge sundaes goes up.
  • The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes increases while their quantity demand is reduced.
  • The market imbalance is eliminated and equilibrium is restored. The shortage of hot fudge sundaes is eliminated. The price is higher and the quantity exchanged is less.

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AVERAGE FACTOR COST AND MARGINAL FACTOR COST

A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Department of Commerce
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