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IN-KIND PAYMENT: A payment, usually in exchange for the productive efforts of resources, that takes the form of goods and services rather than the economy's standard monetary unit (that is, dollars). In other words, resource owners are compensated with a portion of the output that they helped to produce. The standard method of compensation, which is illustrated by the circular flow model, is for a firm to pay resource owners using money revenue received from selling its production. Hence most factor payments are monetary payments. However, in some circumstances firms and resource owners find it more convenient to use actual production for compensation, eliminating the middle sell-production-for-money step
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 14 of 20
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Topic:
More Demand and Less Supply
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Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).- An increase in demand causes an increase in both price and quantity.
- A decrease supply causes price to increase and quantity to decrease.
- The combined effect is an obvious increase in price but a questionable change in quantity.
- At the new equilibrium the quantity is indeterminant.
- If demand shifts relatively more than supply, quantity is greater.
- If demand shifts relatively less than supply, quantity is less.
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AVERAGE TOTAL COST CURVE A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Progress always involves risk. You can't steal second base and keep your foot on first. " -- Frederick B. Wilcox
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COMECON
Council for Mutual Economic Assistance
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