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OPEN ECONOMY: An economy with a great deal of foreign trade. At the extreme, a completely open economy is one that has no trade barriers. Most of the world's hundred-plus nations are relatively open, but much less than they could be because of a wide assortment of trade restrictions. The more an economy is open, the more dependent it is on happenings around the world.
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Lesson 8: Market Shocks | Unit 2: Determinants
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Page: 7 of 20
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- How shifts in the demand and supply curves are caused by changes in their respective determinants.
- That a decrease in demand and a decrease in supply both are leftward shifts and that an increase in demand and an increase in supply are both rightward shifts.
- The effects of the five basic demand determinants: Income, tastes, prices of other goods, buyer's expectations and number of buyers.
- The effects of the five basic supply determinants: resource prices, technology, prices of other goods, seller's expectations and number of sellers.
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CIRCULAR FLOW A model of the continuous movement of production, income, and the services of scarce resources that flow between producers and consumers. In particular, the circular flow is a model of the continuous production and consumption interaction among the four major sectors of the macroeconomy--household, business, government, and foreign--using the three macroeconomic markets--product, resource, and financial. The circular flow model provides a easy way of getting the "big picture" and of seeing how the key parts of the macroeconomy fit together.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for crowded shopping malls.
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The average bank teller loses about $250 every year.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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WAPM
Weak Axiom of Profit Maximization
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