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NATURAL RESOURCES: The naturally occurring resources that are naturally a part of our natural planet which are directed toward production--including land, water, wildlife, vegetation, air, climate, sunshine, mineral deposits, and soil nutrients. Natural resources provide the "stuff" that's used to produce all of the tangible products in the economy, including both consumer goods used for immediate satisfaction of wants and needs and capital used for further production.
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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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COMPLEMENT-IN-CONSUMPTION One of two (or more) goods that provide satisfaction of a want or need when consumed together. A complement-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a substitute-in-consumption. An increase in the price of one complement good causes a decrease in demand for the other. A complement-in-consumption has a negative cross elasticity of demand.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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AS-AD
Aggregate Supply-Aggregate Demand Model
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